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Crude oil futures end higher on Wednesday

31 Jul 2025 Evaluate

Crude oil futures ended higher on Wednesday as the US keeps door open for trade negotiations, raising hopes of an end to the trade war, while US President Donald Trump shortened the grace period for Russia to avoid sanctions on its energy trades from 50 to 10 days. Trump had threatened Russia to end its three-year-plus war on Ukraine in another 10 days. Russia would face high tariffs and sanctions on its energy exports if it fails to do so.

Benchmark crude oil futures for September surged $0.79 or about 1.14% at $70 a barrel on the New York Mercantile Exchange. Brent crude for September jumped $0.73 or about 1.01% at $73.24 a barrel on London's Intercontinental Exchange.

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