Commodities

Oil Prices Jump After Trump Ratchets Up Truce Pressure on Russia

WATCH: Oil held a gain after Donald Trump pushed for Russia to reach a swift truce with Ukraine. Stephen Stapczynski reports.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Julia Fanzeres and Catherine Cartier

July 28, 2025 at 7:39 PM EDT

Updated on

July 29, 2025 at 3:39 PM EDT

Oil ended the session at the highest levels in over a month as President Donald Trump reiterated that the US may impose additional levies on Russia unless it reached a truce with Ukraine, stoking worries about tighter supplies.

West Texas Intermediate oil settled at $69.21 a barrel while Brent settled above $72 a barrel, with both benchmarks at the highest since June.