<ul data-eligibleForWebStory="false"><li>Oil prices rose after falling more than 2% on Thursday, with traders focusing on a planned announcement by President Trump on Russia and new US tariff threats.</li><li>Brent traded near $69 a barrel and West Texas Intermediate was around $67. Trump hinted at a 'major statement' on Russia and discussed imposing tariffs of up to 20% on most trading partners.</li><li>Despite tariff concerns and OPEC+ increasing output for August, Brent is on track for a weekly gain. Tightness in the physical market, summer peak demand, and potential Russia sanctions could support oil prices.</li><li>OPEC+ is considering halting output hikes after a planned September increase, potentially easing fears of a glut by year-end.</li></ul>

Oil gains as traders weigh Trump’s Russia statement, US tariffs

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