While watching summer demand and OPEC+ production policy, the oil market has started to pay attention to President Trump’s threats to hit Russian oil buyers with secondary tariffs. Earlier this week, President Trump threatened “tariffs and stuff” if Russia doesn’t agree to a ceasefire in 10 days, shortening the 50-day deadline he had given Putin on July 14 to discuss peace or face sanctions. Oil markets reacted on Tuesday to the much shorter deadline, with prices rallying to close 3% higher amid increased concerns…
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