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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Finance ministers from the G7 and partner nations met in Washington on Monday to discuss a potential price floor for strategic rare-earth metals and ways to secure their supply. Representatives from Australia, Mexico, South Korea and India also attended the talks.
NATO Secretary General Mark Rutte has said allied nations are discussing “next steps” to ensure the security of the Arctic, citing concerns that Russia and China could become more active in the strategically important region.
The U.S. has issued an urgent security notice calling all American citizens to leave Iran immediately, citing escalating protests, growing violence and widespread communication shutdowns across the country.
Donald Trump said Monday that any country doing business with Iran will face a 25% U.S. tariff on all trade with the United States, with the measure taking effect immediately.
Real Madrid have parted ways with coach Xabi Alonso, appointing former defender Álvaro Arbeloa as his replacement.
Timothée Chalamet won the Golden Globe for best male actor in a musical or comedy on Sunday for his role in Marty Supreme, beating strong competition in one of the night’s most closely watched categories.
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Bob Weir, the rhythm guitarist, songwriter and co-founder of the Grateful Dead, has died at the age of 78, his family has said.
Israel has sharply escalated its warnings to Lebanon amid rising regional tensions linked to Iran, according to a report by the Lebanese newspaper Nida Al Watan.
Finland and Sweden have called for tougher economic measures against Russia, proposing higher import duties, export restrictions, and an EU ban on Russian energy shipments.
Finance ministers from the G7 and partner nations met in Washington on Monday to discuss a potential price floor for strategic rare-earth metals and ways to secure their supply. Representatives from Australia, Mexico, South Korea and India also attended the talks.
NATO Secretary General Mark Rutte has said allied nations are discussing “next steps” to ensure the security of the Arctic, citing concerns that Russia and China could become more active in the strategically important region.
The U.S. has issued an urgent security notice calling all American citizens to leave Iran immediately, citing escalating protests, growing violence and widespread communication shutdowns across the country.
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