[International Oil Prices] Surge After a Day of Plunge... Trump Hints at Russian Sanctions
- Input
- 2025-07-12 04:59:38
- Updated
- 2025-07-12 04:59:38
International oil prices surged on the 11th (local time).
After it was reported that the Organization of the Petroleum Exporting Countries (OPEC) Plus (+) would not pursue additional production increases from October, oil prices, which had plunged more than 2% amid expectations of slowing oil demand, jumped more than 2% on this day, rising even more than the previous day's decline.
Donald Trump, the President of the United States, mentioned in an interview with NBC on the 10th that he could make a major statement regarding Russia on the 14th, which pushed up oil prices.
In the market, there were predictions that President Trump would impose additional sanctions on Russian oil exports on the 14th to pressure Russia, which is passive about a ceasefire in the Ukraine war.
Amid concerns about supply contraction, oil prices soared.
The benchmark Brent crude for international oil prices closed at $70.36 per barrel, up $1.72 (2.51%) from the previous session for September delivery.
The benchmark U.S. crude, West Texas Intermediate (WTI), for the nearest month of August, rose $1.88 (2.82%) to $68.45 per barrel.
The previous day, Brent had plunged 2.21%, and WTI had dropped 2.65%.
dympna@fnnews.com Song Kyung-jae Reporter