US President Donald Trump is trying again to end the war in Ukraine – not by targeting Russia, but by hitting the countries that buy Russia’s oil.

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.

Oil prices traded within a narrow range as investors assessed U.S. demand signals and monitored global trade developments.

The US President will also meet First Minister John Swinney during the private trip to Scotland later this month.

Oil prices settled down on Monday by more than $1, as investors weighed new threats from U.S. President Donald Trump for sanctions on buyers of Russian oil that may affect global supplies, while still worried about Trump's tariffs.

US President Donald Trump’s latest threat of 100% tariffs on Russia would risk complicating relations with two nations crucial to his economic and strategic goals: China and India.