Oil prices slightly increased at the beginning of the week following President Donald Trump's remarks expressing anger towards President Vladimir Putin and threatening stricter restrictions on Russian oil if a ceasefire agreement with Ukraine was not achieved.

The June contract for Brent crude approached $73 per barrel, while West Texas Intermediate stood above $69. Trump indicated in comments relayed by NBC News that should there be no resolution on Ukraine and if he deemed Russia to be at fault, penalties would be imposed. Trump mentioned that purchasing oil from Russia could lead to the inability to conduct business in the United States, along with a 25% tariff on all oil.

Given that Russia is one of the top three oil producers globally, any coordinated effort to penalize Putin could have significant ramifications on the overall oil market. Particularly, India and China, currently major buyers following Russia's invasion of Ukraine, may face heightened pressure.

Russia recorded a notable increase in crude exports in March, as US sanctions on the nation's oil tanker fleet are displaying signs of weakening.