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Crude oil futures end higher amid supply concerns

30 Jul 2025 Evaluate

Crude oil futures ended higher on Tuesday as supply side concerns raised after US President Donald Trump shortened the deadline for Russia to finalize an agreement with Ukraine from 50 days to less than 12 days. US had threatened it impose sanctions of 100% tariff on buyers of Russian oil, China and India being the notable victims. Russia caters to around 4.5% of global demand. In June, crude exports were 4.68 million barrels per day and 2.5 million bpd of refined products.

Benchmark crude oil futures for September surged $2.50 or about 3.75% at $69.21 a barrel on the New York Mercantile Exchange. Brent crude for September jumped $2.47 or about 3.53% at $72.51 a barrel on London's Intercontinental Exchange.

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