Global oil prices climbed on Wednesday after former US President Donald Trump threatened to impose higher tariffs on India for buying discounted oil from Russia.
Brent crude rose 0.74% to $67.97 per barrel, while US benchmark WTI gained 0.72% to $65.04. The jump followed Trump’s statement accusing India of profiting from Russian oil sales amid the ongoing war in Ukraine.
“They don’t care how many people in Ukraine are being killed by the Russian War Machine,” Trump wrote on Truth Social, vowing to “substantially raise” tariffs on India.
The threat came ahead of a key August 8 deadline Trump set for Russia to agree to a ceasefire deal. His special envoy, Steve Witkoff, has arrived in Moscow for talks, with a possible meeting with President Putin on the table.
In addition to the geopolitical tensions, US crude inventories dropped by 4.2 million barrels last week, signaling rising demand. Official figures from the US Energy Information Administration are expected later.
Meanwhile, OPEC+ announced that eight member countries will increase output by 547,000 barrels per day in September as part of efforts to regain global market share.
