Oil prices rose 1% as Trump tightens deadline for Russia to end war in Ukraine and threatens tariffs on oil trading partners. Brent crude September contract closed at $73.24, up 1.01%, while U.S. WTI crude closed at $70, up 1.14%. Trump imposed a 25% tariff on Indian imports and warned China about buying Russian oil.

Brent October contract settled 1.1% higher at $72.47. Trump set a 10-12 day deadline for Russia to end war in Ukraine or face secondary tariffs. JP Morgan analysts say India may comply with U.S. sanctions, affecting 2.3 million bpd of Russian oil exports. U.S. crude inventories rose by 7.7 million barrels, gasoline stocks fell, and distillate stockpiles rose.

U.S. economic growth rebounded in Q2 but was mainly due to declining imports. Fed holds interest rates steady, with Powell stating it’s too soon to say if rates will be cut in September. Financial markets expect a rate cut, but Fed decision does not indicate timing.

Read more at Yahoo Finance: Oil rises over 1% as investors weigh Trump’s Russia stance, tariff threats