Oil prices rose on Wednesday amid renewed supply concerns following U.S. President Donald Trump’s threat to impose tariffs on India for continuing to purchase oil from Russia.
As of 10:44 a.m. local time (0744 GMT), international benchmark Brent crude increased by 0.74% to $67.97 per barrel, up from $67.47 in the previous session. Meanwhile, the U.S. benchmark West Texas Intermediate (WTI) crude climbed 0.72% to $65.04 per barrel, compared to $64.57 previously.
The uptick in prices comes as Trump’s special envoy, Steve Witkoff, arrived in Moscow for talks related to the ongoing conflict in Ukraine. Russian state media outlet RT confirmed the visit, while Kremlin spokesperson Dmitry Peskov said a direct meeting with President Vladimir Putin was still under consideration.
Witkoff’s visit precedes a Friday deadline set by Trump, who has warned of sweeping new sanctions, including 100% tariffs and secondary sanctions targeting Russia’s trade partners if meaningful progress on a Ukraine ceasefire is not achieved.
Trump previously stated that any decision regarding additional sanctions would depend on the outcomes of Witkoff’s meetings in Moscow. Over the weekend, he also took to social media to criticise India, accusing it of benefiting from reselling Russian oil and vowing to “substantially raise” tariffs on Indian goods.
“They don’t care how many people in Ukraine are being killed by the Russian War Machine,” Trump wrote. “Because of this, I will be substantially raising the Tariff paid by India to the USA.”
Additional support for rising oil prices came from data suggesting a decline in U.S. crude inventories. According to figures from the American Petroleum Institute, U.S. commercial crude stocks dropped by 4.2 million barrels last week, pointing to a rebound in demand.
Official inventory figures are expected later on Wednesday from the U.S. Energy Information Administration.
In a separate development, OPEC and its allies (OPEC+) announced that eight member states would increase oil output by a total of 547,000 barrels per day in September compared to August, in a bid to recover global market share.
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Brazilian President Luiz Inácio Lula da Silva has offered to mediate between the U.S. and Venezuela, warning that urgent diplomatic intervention is needed to prevent a “fratricidal war” in Latin America.
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European Union foreign policy chief Kaja Kallas has warned that attempts to reach a peace agreement in Ukraine are being undermined by Russia’s continued refusal to engage meaningfully in negotiations.
Police and paramilitary forces have been deployed across Bangladesh after violent protests erupted overnight over the killing of a prominent youth leader, raising concerns of further unrest ahead of national elections.
Thousands of Bulgarians took to the streets on Thursday evening to protest against the outgoing government, demanding fair elections and judicial reforms to address what they describe as widespread corruption.
Brazilian President Luiz Inácio Lula da Silva has offered to mediate between the U.S. and Venezuela, warning that urgent diplomatic intervention is needed to prevent a “fratricidal war” in Latin America.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 19th of December, covering the latest developments you need to know.
European Union leaders have agreed to raise up to €90 billion through joint borrowing to support Ukraine’s defence in 2026 and 2027, opting not to use frozen Russian state assets amid legal and political concerns.
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