Oil falls as Trump gives Russia 50 days to avoid new sanctions
(Reuters) - Oil prices settled down on Monday by more...
(Reuters) - Oil prices settled down on Monday by more than $1, as investors weighed new threats from U.S. President Donald Trump for sanctions on buyers of Russian oil that may affect global supplies, while still worried about Trump's tariffs.
Brent crude futuressettled down $1.15, or 1.63%, to $69.21 a barrel. U.S. West Texas Intermediate crude futureslost $1.47, also 2.15%, to $66.98.
Trump announced new weapons for Ukraine and threatened to slap new sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days.
Oil prices rallied early, on expectations that Washington would impose steeper sanctions. But prices retreated as traders weighed whether the U.S. would actually impose steep tariffs on countries that continue to trade with Russia.
"The market took it as a negative because there seemed to be a lot of time to negotiate," said Phil Flynn, senior analyst with Price Futures Group. "The fear of immediate sanctions on Russian oil is further off in the future than the market thought this morning."
China and India are among the top destinations for Russian crude oil exports.
Nasdaq ends at fresh record high as U.S. stocks climb despite tariff jitters
U.S. stocks closed higher on Monday as investors awaited...
U.S. stocks closed higher on Monday as investors awaited tariff developments, watched Treasury yields climb and looked forward to Tuesday's CPI inflation update.
The Dow Jones Industrial Average rose 88.14 points, or 0.2%, ending at 44,459.65.
The S&P 500 added 8.81 points, or 0.1%, finishing at 6,268.56.
The Nasdaq Composite rose 54.80 points, or 0.3%, closing at 20,640.33 — a new record high.
On Monday, President Trump told Russia it has 50 days to reach a peace deal with Ukraine or face increased economic pressure from Washington.
Of note, the 30-year Treasury yield edged up to 4.971%, closing in on its one-year high of 5.089% from May.
US oil serves as geopolitical stabilizer, experts say
Robust US oil production has muted the market impact of recent Middle...
Robust US oil production has muted the market impact of recent Middle East tensions and given President Donald Trump room to pursue aggressive foreign policy, said former Energy Secretary Dan Brouillette at a recent energy event. American Petroleum Institute Vice President of Economics and Research Mason Hamilton echoed the sentiment, crediting the US oil and natural gas industry's consistency and flexibility for containing the price spike from the recent Israel-Iran conflict to just $10 per barrel.
The president posted letters addressed to European Commission President...
The president posted letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum on his Truth Social account, saying the import taxes would be placed on Mexico and the European Union effective August 1. Both trading partners have been negotiating with the American coterie for weeks, but neither has been able to finalize a deal. They responded by saying they will continue to seek agreements before the deadline.
Q2 earnings season has arrived: This week is chock-full...
Q2 earnings season has arrived: This week is chock-full of reports from financial heavyweights, starting on Tuesday with earnings from JPMorgan Chase, BlackRock, Citigroup, and Wells Fargo, then Goldman Sachs, Morgan Stanley, and Bank of America on Wednesday. PepsiCo, Netflix, and Abbott Laboratories are set to report earnings on Thursday, followed by American Express, Charles Schwab, and Truist on Friday. If that’s not enough data for you, the consumer price index comes out on Tuesday, while investors will get a glimpse into retail sales on Thursday.
Two women were killed in a church shooting in Kentucky. Police fatally shot the gunman.
Former President Biden said he made all clemency decisions related to the use of an autopen.
At Wimbledon, Iga Świątek trounced American Amanda Anisimova to win the women’s championship. In the men’s final, Jannik Sinner defeated reigning champion Carlos Alcaraz.
Love Island USA named the winning couple of its seventh season last night.
