Oil prices extended their rally on Tuesday as President Donald Trump intensified pressure on Russia over the war in Ukraine, telling reporters he would impose tariffs and other measures in 10 days unless Moscow shows progress toward a cease-fire. West Texas Intermediate rose 3.75% to close at $69.21 a barrel, while Brent settled 3.53% higher at $72.51—both benchmarks’ strongest finish since 20 June. The move follows Trump’s threat of secondary sanctions on Russian crude and the possibility of tariffs of up to 100% on countries that continue buying the oil. U.S. Treasury Secretary Scott Bessent said in New York that China could face such penalties if it maintains current purchase levels, adding to market fears of tighter global supply. Analysts said the ultimatum, combined with optimism that trade tensions between Washington and key partners are easing, has bolstered bullish sentiment ahead of OPEC+ supply discussions set for early August. The price gains came despite American Petroleum Institute data showing U.S. crude inventories increased by about 1.54 million barrels last week.