08:59 AM EDT, 07/15/2025 (MT Newswires) -- Oil was mostly steady early on Tuesday after U.S. President Donald Trump declined to impose fresh sanctions on Russian oil exports, giving the country 50 days to end its war on Ukraine before imposing secondary tariffs on buyer of the country's oil.

West Texas Intermediate crude oil for August delivery was last seen down US$0.03 to US$66.95 per barrel, while September Brent crude was down US$0.01 to US$69.20.

Trump on Monday said he he will give Russia 50 days to reach a ceasefire agreement with Ukraine, promising 100% tariffs on Russian imports to the United States and secondary tariffs on countries importing Russian oil if no deal is reached.

However there are doubts that Trump will follow through on his threats as his administration continues to focus on keeping gasoline prices low for U.S. consumers. Trump's decision ensures Russian supplies continue to reach the market during the high-demand summer driving season.

"There probably has never been a US President more attuned to oil prices than the current, and one that is all too aware that depriving the global oil puzzle of Russian exports at this present time would be the final accelerative to a building seasonal rally which would no doubt push the Brent price to $80/barrel," PVM Oil Associates wrote.

Trump's decision comes as supply remains robust, with OPEC+ returning 2.2-million barrels per day of production cuts to market. The cartel has added three monthly tranches of 411,000 barrels per day of new supply to market and plans to boost that to 548,000 bpd in August.