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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The United Nations Security Council on Saturday adopted Resolution 2797 (2025), renewing the mandate of the United Nations Mission for the Referendum in Western Sahara (MINURSO) for one year until October 31, 2026.
An explosion believed to be intentional struck the Harvard University Medical School’s Goldenson Building in Boston early Saturday, with two people reportedly seen fleeing the scene and no injuries confirmed.
Amid rising geopolitical tensions and growing uncertainty in the global trade system, Asia-Pacific leaders concluded the annual APEC summit on Saturday with a joint declaration emphasizing resilience and shared benefits in trade.
A man and a woman were killed and several others injured in a shooting on the Greek island of Crete on Saturday, in what police officials described as a family vendetta, reviving memories of the island’s long and complex history of inter-family violence.
As the U.S. federal government shutdown enters another critical stage, millions of low-income Americans face the possibility of losing their Supplemental Nutrition Assistance Program (SNAP) benefits.
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