Pressure on the world oil market is gradually decreasing.

In the session on July 14, world oil prices fell more than 1 USD, as investors assessed the risk of impact from new threats from US President Donald Trump about sanctions against Russian oil buyers on global supplies, while still worrying about US tariffs.

Oil rig in Luling, Texas, USA.

Brent crude futures fell $1.15, or 1.63 percent, to $69.21 a barrel. U.S. West Texas Intermediate crude futures fell $1.47, or 2.15 percent, to $66.98 a barrel.

Mr Trump has vowed to provide new weapons to Ukraine and threatened to impose new sanctions on buyers of Russian oil unless the country agrees to sign a peace deal within 50 days.

Oil prices rose sharply early in the session on the possibility of tougher US sanctions, but prices fell as traders weighed whether the US would actually impose higher tariffs on countries that continue to trade with Russia.

Fears of immediate sanctions on Russian oil are more remote than the market initially thought, with plenty of time for negotiations, said Phil Flynn, senior analyst at Price Futures Group.

China and India are among the top destinations for Russian crude oil exports.

Meanwhile, Bob Yawger, director of energy futures trading at Mizuho, ​​said the possibility of the US imposing a 100% tariff on China is very low, as this would cause inflation to spike.

Investors are also keeping an eye on the outcome of tariff talks between the US and key trading partners.

The European Union and South Korea said on July 14 they are negotiating trade deals with the United States to ease the impact of upcoming tariffs as the United States threatens to impose higher duties from August 1.

Supporting the market was customs data released on July 14 showing that China's oil imports in June 2025 rose 7.4% year-on-year to 12.14 million barrels per day, the highest level since August 2023.

UBS analyst Giovanni Staunovo said the market remained tight, with most of the buildup in storage in China and on ships, rather than in key locations.

Last week, the International Energy Agency (IEA) said the global oil market could be tighter than expected in the short term. However, it raised its forecast for supply growth this year while lowering its forecast for demand growth, pointing to a potential glut.

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