Oil Prices Surge as Trump Threatens India over Russian Crude
Oil prices increased in the global commodity market on Wednesday after US President Donald Trump threatened to impose tariffs on India for buying oil from Russia.
International benchmark Brent crude was trading at $67.97 per barrel, up 0.74% from the previous session’s close of $67.47. The American benchmark West Texas Intermediate (WTI) crude rose 0.72% to $65.04 per barrel, from $64.57 in the previous session.
Trump’s special envoy Steve Witkoff arrived in Moscow to discuss the ongoing Russia-Ukraine war, according to the Russian RT channel. Earlier, Kremlin spokesman Dmitry Peskov said a face-to-face meeting between Witkoff and Russian President Vladimir Putin remains a possibility.
Witkoff’s visit comes as Trump threatens sweeping new sanctions on Russia, including 100% tariffs and secondary measures against its trade partners, if tangible progress is not made toward resolving the conflict.
The trip also precedes an Aug. 8 deadline set by Trump for Russia to agree to a ceasefire deal with Ukraine. Earlier, Trump said he would decide on sanctions against Russia based on the outcome of Witkoff’s meetings in Russia.
On Sunday, Trump wrote on Truth Social that he would impose higher tariffs on India, accusing New Delhi of profiting from the resale of Russian oil.
Without providing further details on the scope or timeline of the tariff hike, the US president said: “They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA.”
Also, data showing a drop in US crude inventories supported the rise in oil prices. US commercial crude oil inventories fell by 4.2 million barrels last week, according to data from the American Petroleum Institute, signaling a recovery in demand in the world’s largest oil consumer.
The US Energy Information Administration is scheduled to release official inventory data later in the day.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, announced on August 3 that eight member countries will raise oil output by a combined 547,000 barrels per day in September compared to August, as part of efforts to regain global market share. #Oil Prices Surge as Trump Threatens India over Russian Crude Nigeria’s External Reserves Grow by $2.15bn in 30-Day
