Crude oil prices made another dramatic jump on Tuesday after President Trump doubled-down on his sanctions threat against Russia over its war in Ukraine.
Prices shot up more than 3% after the President said he will start imposing tariffs and other measures against Russia “10 days from today” if Moscow did not make steps to end the war.
In addition, U.S. Treasury Secretary Scott Bessent told Chinese leaders they could face higher tariffs if Beijing continued making oil purchases from Russia.
Global standard Brent crude rose $2.47 a barrel or 3.53% to finish at $72.51 a barrel.
West Texas Intermediate crude in the U.S. increased $2.50 or 3.75% and settled at $69.21 a barrel on the New York Mercantile Exchange.
It was the highest close for each benchmark since June 20.
Just as crude oil prices grew by more than 3%, Oklahoma energy stocks recorded a strong trading day on Tuesday. Unit Corporation gained nearly 6% while many others had 1% and 2% improvements for the day. There was one exception. Empire Petroleum plunged nearly 5% for the day.
