Oil Steadies as Traders Weigh Trump’s Russia Statement, Tariffs

(Bloomberg) -- Oil steadied after falling more than 2% on Thursday as traders shifted focus toward a planned announcement on Russia by President Donald Trump next week, while digesting another volley of US tariff threats.

Brent held below $69 a barrel and West Texas Intermediate was near $67. The US president said he planned a “major statement” on Russia on Monday, and reiterated criticism of his counterpart Vladimir Putin over continued attacks on Ukraine. He made the remarks in an interview with NBC News.

Trump also flagged blanket levies of as much as 20% on most trading partners, continuing a week of tariff threats that have raised concerns his policies could dent economic growth. The duties are set to take effect Aug. 1.

Brent is on track for a modest weekly gain, despite Trump’s tariffs, a renewal of hostilities against shipping in the Red Sea, and OPEC+ announcing a further output boost for August. There are signs of tightness in the physical market, and demand typically peaks in the Northern Hemisphere summer.

In his interview with NBC, Trump said he expected the Senate to pass a tougher Russia sanctions bill. He didn’t elaborate on the planned statement.

“Tougher sanctions on Russia, particularly oil-related, have the potential to alter the outlook dramatically,” said Warren Patterson, the head of commodities strategy for ING Groep NV in Singapore. “The oil market remains relatively tight through the Northern Hemisphere summer, which should continue to offer some support to prices in the near term.”

Separately, OPEC+ is discussing a pause to hikes after an increase tentatively planned for September, according to delegates, which would unwind its most recent output cuts a year earlier than expected. Even before the news on an August boost, there had been concerns about a looming glut by year-end.

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