Commodities

Oil Rises on Speculation Trump Plans to Sanction Russian Crude

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By Mia Gindis and Catherine Cartier

July 10, 2025 at 11:30 PM UTC

Updated on

July 11, 2025 at 7:10 PM UTC

Oil gained as traders braced for fresh US efforts to crimp Russian energy exports.

West Texas Intermediate advanced almost 3% to settle above $68 a barrel after President Donald Trump said he plans to make a “major statement” on Russia on Monday and reiterated criticism of President Vladimir Putin. One sanctions bill, which at least 85 senators have endorsed, would levy 500% tariffs on China and India if they make any purchases of Russian energy.