BREAKING: OIL extends gains to almost 3% as Trump threatened sanctions on Russia

The U.S. president, Donald Trump, has threatened further sanctions against Russia, citing the "fact" that Moscow is currently "pounding" Ukraine on the battlefield. The statement was posted on Truth Social. Trump called for banking sanctions and tariffs to remain in place until a "ceasefire" and a final peace settlement are reached.

In January, the U.S. targeted Russia’s oil production with sanctions, but market concerns over this policy eased as Trump hinted at the possibility of negotiating a deal with Putin and easing restrictions once the Russia-Ukraine war ends. However, as of now, the conflict continues, with both sides engaged in intense fighting. Russia may gain a more favorable position on the battlefield, as the U.S. has halted weapons supplies to Kyiv, along with intelligence-sharing via Maxar and Musk’s Starlink.

Oil prices have reacted with an uptick as the Russia-Ukraine war persists, and Trump appears to be taking a more hawkish stance toward Moscow.

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