Oil prices surge as Trump threatens tariffs on Russian oil
Oil prices are up for the fourth day in a row, mostly because President Trump is threatening new tariffs on countries that buy Russian oil.
Brent crude is now at $73.51 a barrel, and US West Texas Intermediate hit $70.37.
Investors are getting nervous about possible supply issues if these tariffs actually happen.
What's happening in the oil market?
Trump wants to slap 100% tariffs on countries trading with Russia if there's no progress in Ukraine talks within 10-12 days.
India will see new tariffs starting July 28, and China—Russia's biggest oil customer—has also been warned.
Meanwhile, US crude stockpiles unexpectedly rose by 7.7 million barrels, but gasoline stocks dropped by 2.7 million as summer driving picked up.
With all this uncertainty and global tension, oil prices are likely to stay pretty bumpy for now.