Oil prices dropped by less than 1% on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the war in Ukraine and avoid sanctions eased concerns about any immediate supply disruption.

Crude oil fell for a second straight day after President Trump's 50-day deadline for Russia to end the war in Ukraine and avoid sanctions calmed concerns about a short-term supply disruption

Russia’s crude exports hit a one-month high, driven by a surge in weekly flows that coincided with a sharp drop in refinery runs. The increase came before President Donald Trump’s threat of secondary tariffs on buyers of Russian oil if Moscow fails to make a swift peace with Ukraine.