Oil futures are up by nearly 2% on Tuesday and are on track to snap a four-day losing streak after President Trump accused the North Atlantic Treaty Organization (NATO) of “funding the war against themselves.”
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“China and India are the primary funders of the ongoing war by continuing to purchase Russian oil,” Trump said in a speech to the United Nations General Assembly. “But inexcusably, even NATO countries have not cut off much Russian energy and Russian energy products, which, as you know, I found out about two weeks ago, and I wasn’t happy.”
Oil Rises as EU Weighs Deeper Russia Cuts
If the European Union cuts back or stops buying Russian oil, global supply would shrink. With less oil available on the market, traders anticipate less supply, which pushes futures prices higher. The bloc has drastically slashed its purchases of Russian oil since the war began in 2022, but still depends on the country for energy. The EU’s share of Russian oil imports totaled 2% as of mid-2025, compared to 29% in early 2021.
In addition, the EU has proposed banning imports of Russian gas as part of a sanctions package amid pressure from Trump.
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