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.
U.S. and Pakistani leaders forecast a Sunday signing of a long-elusive framework agreement to end fighting between the United States and Iran, as Reut...
Senior officials from Azerbaijan and Armenia held a working meeting in Dilijan, Armenia, on 14 June to discuss issues related to the peace agenda betw...
Tajikistan has strengthened its position as one of Central Asia’s fastest-growing economies. According to the European Bank for Reconstruction and D...
The New York Knicks defeated the San Antonio Spurs 94-90 to close out the series 4-1 and claim their first NBA championship since 1973, sparking celeb...
In the runup to the G7 summit, hosted by France in Évian-les-Bains on Monday, 15 June, China has addressed global economic balances in a videoconfer...
Senior officials from Azerbaijan and Armenia held a working meeting in Dilijan, Armenia, on 14 June to discuss issues related to the peace agenda between the two countries.
Tajikistan has strengthened its position as one of Central Asia’s fastest-growing economies. According to the European Bank for Reconstruction and Development (EBRD), the trend is supported by investment activity, industrial expansion and large-scale infrastructure projects.
The International Monetary Fund (IMF) has urged Georgia to implement reforms to tackle youth unemployment. Nearly 30 per cent of people aged 15-24 are without a job in the country, according to World Bank data.
British Prime Minister Sir Keir Starmer has pledged to publish the UK government's long-awaited Defence Investment Plan ahead of next month's NATO summit in Ankara, following growing pressure over the UK's military spending commitments.
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching consequences”, after India's water minister said New Delhi was working to ensure that “not a single drop” of water reaches Pakistan in the coming years.
Armenia has every right to choose Europe. But Europe’s support for Armenia’s direction should not become automatic approval of its political process.
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
Japan’s birth rate and fertility levels have fallen to their lowest levels on record, highlighting the country’s worsening demographic crisis as fewer people marry and have children.
The global race to develop quantum computing is accelerating, with governments and technology firms investing heavily in what is expected to become a major new computing era.
The New York Knicks defeated the San Antonio Spurs 94-90 to close out the series 4-1 and claim their first NBA championship since 1973, sparking celebrations across New York City.
In the runup to the G7 summit, hosted by France in Évian-les-Bains on Monday, 15 June, China has addressed global economic balances in a videoconference hosted by French President Emmanuel Macron. It is a rarity for Beijing to engage directly with the group.
Switzerland on Sunday rejected a referendum proposal to cap its population at 10 million, a projection showed, as voters prioritised economic stability and the country's ties with the European Union over immigration concerns.
Romania's centrist President Nicușor Dan on Sunday designated Adrian Veștea, a member of the liberal party, as prime minister, after independent candidate Eugen Tomac withdrew.
North Korea said on Sunday, 14 June, that denuclearisation is a matter that is irreversibly terminated, in a condemnation of recent nuclear deterrence talks between the U.S. and South Korea.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment