Oil held the biggest gain in six weeks after US President Donald Trump reiterated he may impose additional economic penalties on Russia unless a truce is reached with Ukraine.

West Texas Intermediate traded near $69 a barrel after closing 3.8% higher in the previous session. Brent settled above $72. Trump warned of "tariffs and stuff" if a ceasefire isn't agreed in 10 days and said he wasn't concerned about the impact on the market, suggesting the US could ramp up production.

"I don't even worry about it," he told reporters aboard Air Force One on Tuesday as he returned to Washington following a visit to Scotland. "We have so much oil in our country. We'll just step it up, even further."

Trump has vowed economic repercussions against Moscow in the past but held off, and his advisers have cast the penalties as likely secondary sanctions that target countries buying Russian oil. Still, given the US president's desire for lower prices, there are questions about how far he will go.

Oil is on track for a monthly gain, and markets also remain focused on the US deadline to nail down trade deals by Aug. 1, and the upcoming OPEC+ meeting that will decide supply for September.

Source: Bloomberg