Oil prices settled 1% higher on Wednesday as investors focused on developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil.

Russian President Vladimir Putin is standing defiant against President Donald Trump’s threats of tariffs and sanctions if no ceasefire in Ukraine comes to fruition, Reuters reported Wednesday. The Kremlin insisted that Russia would not cave to sanctions and tariff pressure from the U.

Oil prices slipped slightly Wednesday morning as the market reacted to President Donald Trump’s latest deadline for Russia to end its war in Ukraine and his warning of 100% tariffs on countries still buying Russian oil.