It wasn’t just another Thursday for the global oil market.
A sudden jump in prices had traders buzzing—and the reason had everything to do with politics, not pipelines.
Brent crude shot back above $70 a barrel, and the catalyst was none other than a dramatic ultimatum from U.S. President Donald Trump targeting Russia.
Let’s break down what happened and why markets are reacting so strongly.
Brent Jumps as Traders Brace for Tensions
By late afternoon in Moscow, Brent crude was trading at $70.09 per barrel—a notable 2.17% increase on the day.
Prices had earlier spiked even higher, briefly hitting $70.29 before settling back to around $70.06.
This marked the first time Brent crossed the $70 mark since July 18, signaling a sharp shift in sentiment.
Across the Atlantic, U.S. crude prices followed suit.
West Texas Intermediate (WTI) futures for September rose 2.6%, climbing to $67.05 per barrel.
Trump Threatens Russia with Secondary Sanctions
The sudden spike in oil wasn’t random. It came just hours after President Trump made a public statement alongside UK Prime Minister Keir Starmer.
Speaking during a televised press event, Trump issued a no-nonsense warning to Russia over its continued involvement in Ukraine.
“I love the Russian people. They are a great people,” Trump said.
“I don’t want to do this to Russia,” he added, referring to the possibility of slapping Moscow with secondary sanctions.
Despite his diplomatic tone, Trump made it clear that he’s running out of patience.
While he had previously given Russia 50 days to resolve the Ukraine conflict, he’s now cut that down to a mere 10 to 12 days.
Russian Senator Says Trump Is Playing to His Audience
Back in Russia, Trump’s ultimatum didn’t go unnoticed.
Senator Andrei Klymov, Deputy Chairman of the Federation Council’s Committee on Foreign Affairs, suggested the U.S. president was more concerned with how he’s perceived at home than with actual foreign policy outcomes.
“Trump’s watching social media,” Klymov told Lenta.ru.
“He’s being called soft on Putin, so he’s ramping up the pressure to change that narrative. He could have just as easily given a 48-hour deadline—it’s all optics.”
The Market Watches and Waits
With oil prices on the rise and Washington’s rhetoric growing sharper, energy markets are clearly on edge.
Traders know that when politics get heated—especially between two global giants like the U.S. and Russia—commodities like crude are the first to feel it.
Now, the big question is what comes next. Will Russia respond to the shortened deadline? Will Trump follow through with sanctions? And will oil continue its upward climb if the situation escalates further?
Stay tuned—because this story is far from over.