Oil prices edged lower on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased concerns about any immediate supply disruption. Brent crude futures were down 15 cents at $69.

President Donald Trump on Monday laid out a pair of steps intended to pressure Russia to end its war in Ukraine, including funneling new weapons to Kyiv and threatening economic punishment on Moscow if peace isn’t reached in 50 days,

Trump announced new weapons for Ukraine and threatened "biting" secondary tariffs of 100% on the buyers of Russian exports unless there is a peace deal in 50 days.

Donald Trump has said Volodymyr Zelensky should not target Moscow after reportedly privately discussing strikes on the Russian capital with the Ukrainian leader and deliberating whether to send long-range Tomahawk cruise missiles to Ukraine, according to reports.

Asked if he trusted Putin, Mr Trump took a lengthy pause before saying: "I trust almost nobody to be honest with you.

U.S. President Donald Trump's threat to choke off Russia’s oil revenue via secondary sanctions would deal a hammer blow to Moscow's finances, but markets are betting that the risk of higher energy prices will keep Washington from following through.

For the fifth time, the American president has threatened Russia with economic sanctions. The first four times, Trump failed to follow through.