Crude Oil Prices Steady on July 29 After Sharp Gains Amid Geopolitical Tensions

On July 29, 2025, Crude oil prices held steady during Asian trading hours after a strong rally in the previous session. The surge was driven by mounting supply concerns following U.S. President Donald Trump's announcement of a drastically shortened timeline for Russia to end its war in Ukraine.

Prices also found support from optimism around U.S. trade negotiations, particularly progress with the European Union ahead of the August 1 tariff deadline. The EU signed a framework deal on Sunday aimed at reducing trade friction, which in turn bolstered hopes for increased long-term energy demand.

Crude Oil Prices Remains Steady

By 21:53 ET (01:53 GMT), Brent crude futures for September delivery edged up 0.1% to $70.09 per barrel, while U.S. West Texas Intermediate (WTI) crude hovered near unchanged at $66.74 per barrel. Both benchmarks had climbed over 2% on Monday in response to geopolitical developments.

Trump Tightens Deadline for Russian Action on Ukraine

In a move that heightened geopolitical uncertainty, President Trump gave Russia just 10 to 12 days to take significant steps toward ending the Ukraine conflict. He warned that failure to comply could result in tougher U.S. sanctions and potentially sweeping secondary tariffs, up to 100%, on any nation importing Russian oil.

Trade Agreements and OPEC+ Dynamics in Focus

Investors are also digesting recent progress on U.S. trade talks. The new U.S.–EU agreement sets a 15% tariff on most European exports—half the previously threatened 30% rate and includes a commitment from the EU to purchase $750 billion worth of U.S. energy products over the coming years.

On the supply side, attention remains on OPEC+ developments. A key committee has urged members to stick to production targets ahead of the August 3 ministerial meeting, where the group may decide on a possible output increase for September.

Fed Meeting and Key Economic Data

Despite the supportive factors, markets remained subdued on Tuesday as traders awaited the start of the U.S. Federal Reserve’s two-day policy meeting. The central bank is widely expected to hold interest rates steady within the 4.25%–4.50% range. Additionally, several important U.S. economic indicators are due later in the week, adding to investor caution.

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