Oil prices experienced a rise as the United States intensifies its pressure on India regarding its procurement of Russian crude oil. ANZ reported that Washington is set to double tariffs on New Delhi later this month. US trade advisor Peter Navarro verified the tariff increase on India, scheduled for August 27, following Treasury Secretary Scott Bessent’s earlier cautions this week that India could not continue to benefit from Russia’s war in Ukraine.
Market participants are also considering the possibility of a Russia-Ukraine peace agreement. President Trump is actively promoting discussions, though the Kremlin has not yet committed. Any resolution would likely lead to an easing of restrictions on Russian crude oil.
Adding to the market’s instability, a mixed US crude stockpile report was released. Government figures indicated a 6,014,000 barrel decrease in crude inventories last week. However, stockpiles at Cushing, the West Texas Intermediate (WTI) delivery hub, saw an increase. Additionally, distillate inventories also rose during the same period.
Brent crude oil was last trading up 1.1 per cent at $US67.55 per barrel.
