Oil closes 1% higher amid US pressure on Russia

Oil drilling rigs

Oil prices rose today, July 30, as investors assessed US President Donald Trump's threat to impose sanctions on Russia and its trading partners unless Moscow reaches a truce with Ukraine within 10 days.

September Brent crude futures, which expire on July 31, rose 1%, or 73 cents, to $73.24 a barrel. September WTI crude futures rose 1.14%, or 79 cents, to $70 a barrel.

Trump announced on July 29 that he had shortened the 50-day deadline for Russia to reach a truce with Ukraine to just 10 days, ending on Aug. 8, or he would impose 100% tariffs on Moscow and its trading partners.

Prices were supported by data showing that the US economy grew faster than expected in the second quarter, and that the US sector added more jobs than analysts had estimated in July.

Earlier today, in a post on Truth Social, Trump announced a 25% tariff on imports from India and indicated he was imposing additional, unspecified penalties on New Delhi.

In subsequent press statements, he explained that the tariffs and the threatened penalty were due to the strained trade relations between the two countries, as well as India's participation in the BRICS group, which he said embraces anti-US policies.