Brent crude oil futures edged down to around $69.9 per barrel on Tuesday but held onto most of yesterday's gains amid renewed concerns of tighter global oil supplies after President Trump cuts deadline for Russia to reach Ukraine peace deal. On Monday, Trump said Russia now has about 10 to 12 days to agree to a ceasefire or face potential “secondary sanctions”, shortening the 50-day deadline he suggested earlier this month. This follows new EU sanctions package on Moscow, including a lower price cap on Russian oil, additional banking restrictions, and a ban on a large Indian oil refinery. Further supporting prices, the US and EU agreed on Sunday to a broad-brush trade deal that sets a 15% tariff on most EU goods. This comes after recent trade announcements - including a deal with Japan - alleviating fears that tariffs could hurt global economic growth and energy demand. Investors are now eyeing the ongoing US-China talks, with expectations for another 90-day extension on tariff pause.