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(Reuters) - Oil prices gained more than 3% on Tuesday as President Donald Trump ramped up pressure on Russia over its war in Ukraine and on optimism that a trade war between the U.S. and its major trading partners was abating.
Brent crude futures settled $2.47, higher at $72.51 a barrel, while U.S. West Texas Intermediate crude gained $2.50, or 3.75%, to settle up at $69.21. Both contracts settled at their highest since June 20.
On Tuesday, Trump said he would start imposing tariffs and other measures on Russia "10 days from today" if Moscow did not make progress toward ending the war in Ukraine.
"We've amped it up. We have a hard deadline of 10 days," said Phil Flynn, senior analyst with Price Futures Group. "And there's a suggestion that other countries are going to join us."
Also on Tuesday, U.S. Treasury Secretary Scott Bessent said he had told Chinese officials that, given U.S. secondary tariff legislation on sanctioned Russian oil, China could face high tariffs if Beijing continued its Russian oil purchases.
U.S. stocks finished lower on Tuesday, with the S&P 500 and Nasdaq Composite both snapping winning streaks ahead of a pivotal day on Wall Street that will feature the Federal Reserve's interest-rate decision, second-quarter GDP data and key earnings reports from megacap technology firms.
The S&P 500 was off 18.91 points, or 0.3% to end at 6,370.86. The large-cap index snapped its six-day winning streak, according to FactSet data.
The Nasdaq Composite fell 80.29 points, or nearly 0.4% to finish at 21,098.29, ending its four-session winning streak.
The Dow Jones Industrial Average dropped 204.57 points, or nearly 0.5%, ending at 44,632.99.
Earlier in the day, U.S. and Chinese negotiators concluded their latest round of trade talks in Stockholm aimed at extending a tariff truce that is set to expire in mid-August.
But later on, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said they would report back to President Donald Trump, who will make the final decision on an extension of the truce.
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