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Trump's warning about Russia sends oil prices soaring in European markets

2025-07-29 09:45:41Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Donald Trump

Oil prices rose on Monday afternoon in European markets after United States President Donald Trump said he would shorten the deadline for Russian President Vladimir Putin to reach a peace deal with Ukraine.

The price of WTI crude oil rose by about 2.2%, reaching $66.50 per barrel, while Brent crude oil rose by about 2%, going to $69.80, as of 15:00 CEST.

Trump had previously given Putin a 50-day deadline in July, warning that if Moscow did not end the war in Ukraine, the US would impose a 100% tariff on Russia.

"I'm disappointed in President Putin, very disappointed in him. So we're going to have to review, and I'm going to cut those 50 days that I gave him, to a smaller number," Trump told reporters in Scotland on Monday.

"I think I already know the answer, what will happen," he added, ahead of a meeting with UK Prime Minister Keir Starmer.

Markets react to EU-US energy deal

Oil prices had started to rise earlier on Monday, following news of a new trade deal between the European Union and the United States, announced on Sunday.

Under the deal, the EU agreed to buy $750 billion in US energy products over the next three years, including oil, liquefied natural gas (LNG) and nuclear power. Under the deal, the EU will face a 15% tariff on most of its goods after the tariffs expire on August 1, instead of a higher, threatened 30% tariff.

European stock markets also reacted positively, rising in the early hours of Monday morning before stabilizing in the afternoon.

Trump's pressures affect price fluctuations

Trump's comments and threats of tariffs have repeatedly impacted oil prices this year, pushing them down amid concerns about a potential economic slowdown that would hit global energy demand.

On the other hand, geopolitical risk has driven up prices, especially as investors have become concerned about supplies. US attacks on nuclear facilities in Iran, for example, caused oil prices to rise sharply in June.

OPEC+ and China in the market focus

An OPEC+ committee meeting is expected to be held on Monday, where members will discuss production policy for September.

Both the International Energy Agency (IEA) and the US Energy Information Administration (EIA) predict an oil supply glut over the next year, with supply significantly exceeding demand.

After reaching a deal with the EU, Washington has turned its attention to China. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are expected to meet senior Chinese officials, including Vice Premier He Lifeng, in Stockholm on Monday.

China and the US have agreed to a 90-day tariff truce, which will end on August 12. There is hope that both sides will be able to extend the agreement, while China currently tariffs American goods at 10%, and the US tariffs Chinese goods at 30%.


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