Investors are guided by Trump's statements

Analysts note that the most active Brent crude futures rose 8 cents, or 0.12%, to $71.81 per barrel.

In addition, it is noted that West Texas Intermediate (WTI) oil rose in price by 8 cents, or 0.12%, to $69.29 per barrel.

One cannot also ignore the fact that the Brent crude contract expiring on July 30 rose 18 cents to $72.69 per barrel.

Vandana Heri, founder of Vanda Insights, made a prediction on this matter.

The supply risk premium of $4-5 per barrel, which was introduced in recent days, is likely to be maintained unless Putin takes accommodative steps, she believes.

What is also important to understand is that Washington has already warned Beijing — the largest buyer of Russian oil — that it could face huge tariffs if it does not stop buying oil from aggressor countries.