Crude gained over 1% on Wednesday after United States President Donald Trump threatened to impose tariffs on countries buying Russian energy. The decision could depend on the meeting between Russian President Vladimir Putin and US Special Envoy Steve Witkoff, currently taking place in Moscow. Meanwhile, the latest American Petroleum Institute report on US crude oil inventories saw a 4.2 million barrel drop in the week ending August 1. West Texas Intermediate (WTI) for deliveries in September increased by 1.50% at 5:13 am ET, selling for $66.15, while Brent for settlements in October added 1.46% and went for $68.62.