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(Bloomberg) -- US President Donald Trump said he would give Russia 10 more days from today to reach a truce with Ukraine, formally announcing a new deadline to pressure Vladimir Putin on ending the war.

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“10 days from today,” Trump told reporters aboard Air Force One on Tuesday as he returned to Washington from a five-day visit to Scotland.

Trump on Monday announced that he would shorten the timeline for Putin, with the threat of potential economic penalties on Moscow if it did not move to halt the fighting. But he had not specified the exact deadline or when the clock would start.

The US president on July 14 initially announced a 50-day deadline on Russia — which would have fallen on Sept. 2. The new deadline would fall on Aug. 8.

“We’re going to put on tariffs and stuff, and I don’t know if it’s going to affect Russia, because he wants to, obviously, probably keep the war going,” Trump said on Tuesday.

Oil extended gains above $69 after Trump reiterated his threat for additional tariffs on Russia. West Texas Intermediate oil posted its biggest jump since June, when Israel carried out airstrikes on Iran. Bullish options on the Brent crude benchmark commanded a premium to bearish options for the first time in two weeks.

Trump earlier this month said he would impose 100% tariffs on Russia if it did not comply with his calls for a truce. His advisers have cast the penalties as likely taking the form of secondary levies that would hit countries that buy Russian exports such as oil. Washington and other capitals allied with Kyiv view such oil purchases as a form of tacit support for Russia, helping to bolster its economy and undercut sanctions.

Asked if he was worried about the impact additional sanctions on Russia would have on the oil market, Trump said he was not concerned, suggesting that the US could ramp up its own energy production.

“I don’t worry about it. We have so much oil in our country. We’ll just step it up, even further,” he said.

Trump has vowed economic repercussions against Putin in the past but held off, suggesting that he wanted to preserve room for negotiations. Secondary sanctions threaten to hit India and China, two major trading partners, just as Trump is seeking to secure a deal to lower tariffs with New Delhi and looking to extend a trade truce with Beijing, raising skepticism that he would follow through and penalize Moscow’s trading partners.

The Kremlin on Tuesday said it “took note” of Trump’s threat to curtail the deadline but made clear that it was unlikely Putin would change course. Trump has voiced mounting frustration with Putin for refusing to agree to a halt to fighting that could allow for peace talks. The US president returned to office with a pledge to quickly end the war that is now in its fourth year.

Earlier: Russia Brushes Aside New Trump Deadline for a Truce in Ukraine

Six phone calls between Trump and Putin, however, have failed to bring progress and Russia has ramped up its missile and drone attacks on Ukraine in recent weeks, hammering civilians in cities — an indication that Moscow has no intention of ending its invasion.

“I haven’t had any response. It’s a shame,” Trump said about the reaction from Moscow to his new deadline.

--With assistance from Jennifer A. Dlouhy.

(Updates with market reaction, additional details starting from sixth paragraph)