Brent Crude Rises Above $70 After Trump’s Russia Ultimatum

The price of Brent crude oil climbed sharply on Thursday, following a stern ultimatum from U.S. President Donald Trump. According to data from the London ICE exchange, the cost of September futures surpassed $70 per barrel for the first time since July 18. By 4:00 p.m. Moscow time, Brent had risen to $70.09 per barrel, marking a 2.17% increase. Prices peaked at $70.29 before retreating slightly to around $70.06 at the time of reporting. Meanwhile, West Texas Intermediate (WTI) crude for September delivery also posted gains, rising 2.6% to reach $67.05 per barrel.