Oil wipes out gains, closes below $70

14/07/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices erased earlier gains and closed lower on Monday after US President Donald Trump threatened to impose extremely high tariffs on Russia.

 

At close, Brent crude futures for September delivery fell 1.65%, or $1.15, to $69.21 a barrel, after rising earlier to $71.53.

 

WTI crude futures for August delivery also dropped 2.15%, or $1.47, to $66.98 per barrel, after hitting $69.65 earlier in the day.

 

Trump threatened today, July 14, to impose secondary tariffs on Russia if the war in Ukraine does not end soon, expressing strong frustration with Moscow over making no progress toward reaching a settlement.

 

He added that Washington would impose extremely high tariffs of 100% on Russia if no agreement is reached within 50 days.

 

According to Chinese customs data released on Monday, Beijing’s crude oil imports rose by 7.4% year-on-year in June to 12.14 million barrels per day, marking the highest level since August 2023.

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