Oil edged higher after Donald Trump suggested that the US could impose “secondary tariffs” on Russia, a top-three producer nation and major exporter to the world.

On Sunday, NBC News reported Trump as saying he was “very angry” at Vladimir Putin and would consider “secondary tariffs” on Russia’s oil exports. He later told told reporters on Air Force One that he didn’t think the Russian president would “go back on his word,” which appeared to take some of the edge off his earlier criticism.

The price reaction to Trump’s remarks may have been somewhat blunted by the fact the US administration is due to impose sweeping trade measures this week. That’s fanned uncertainty across wider asset classes and encouraged some traders to step back from the market.

Any concerted attempt to punish Putin could have a far-reaching effect on the broader crude market. India and China, which have become the key buyers since Moscow’s full-scale invasion of Ukraine, would face particular pressure.

Brent’s June contract, the most active, was little changed near $73 a barrel, while West Texas Intermediate was just below $70

Whether tariffs “are merely tough talk or will actually be implemented remains to be seen,” said Gao Jian, an analyst at Qisheng Futures Co. “But Russia’s oil trade is big in scale, he has to assess and weigh pros and cons.”

The OPEC+ producer’s crude exports hit a five-month high in March and US sanctions on the nation’s oil tanker fleet are showing signs of faltering. Trump told NBC in a phone interview that he would impose penalties if a deal on Ukraine is not reached “and if I think it was Russia’s fault.”

Trump also said he’s considering punishing Tehran with unspecified “secondary tariffs” and raised the threat of bombing Iran until it signs a deal that renounces nuclear weapons.