Oil prices steady amid Trump tariff threats
Brent crude futures for September, set to expire on Thursday, rose 4 cents, or 0.05%, to $73.28 a barrel by 0812 GMT. US West Texas Intermediate crude for September also rose 4 cents, or 0.06%, to $70.04.
Both benchmarks gained 1% on Wednesday.
"We're looking for more clarity on the nature of new tariffs or implementation of sanctions on Russia," said Harry Tchiliguirian at Onyx Capital Group.
Trump's history of imposing policies and then changing them a few days later has led traders and analysts to hesitate in pricing them in, Tchiliguirian added.
Trump said he would start imposing measures on Russia, including 100% secondary tariffs on its trading partners, if it did not make progress on ending the war in Ukraine within 10–12 days, moving up an earlier 50-day deadline.
The US has also warned China, the largest buyer of Russian oil, that it could face heavy tariffs if it continues buying.
On Wednesday, the US Treasury Department announced fresh sanctions on more than 115 Iran-linked individuals, entities, and vessels, stepping up the Trump administration's "maximum pressure" campaign after bombing Iranian nuclear sites in June.
Meanwhile, US crude oil inventories rose by 7.7 million barrels to 426.7 million barrels in the week ending July 25, driven by lower exports, the Energy Information Administration said on Wednesday. Analysts had expected a draw of 1.3 million barrels.
Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a draw of 600,000 barrels.
"US inventory data showed a surprise build in crude stocks, but a bigger-than-expected gasoline draw supported the view of strong driving season demand, resulting in a neutral impact on the oil market," said Fujitomi Securities analyst Toshitaka Tazawa.— Reuters
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Times of Oman
7 hours ago
- Times of Oman
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New Delhi: US President Donald Trump has been unfairly targeting India over Russian oil imports, while choosing not to criticise China, according to a recent report by the Global Trade Research Initiative (GTRI). The report suggested that this selective approach may be driven by geopolitical calculations. As per the data from the report, China is the largest buyer of Russian oil. In 2024, China imported USD 62.6 billion worth of Russian oil, compared to India's USD 52.7 billion. Despite this, Trump has focused his criticism on India, ignoring China's bigger role. GTRI stated, "Trump appears unwilling to criticize China, perhaps because of geopolitical calculations, and instead targets India unfairly". The report also rejects Trump's recent claim posted on Truth Social, where he alleged that India is "buying massive amounts of Russian oil and selling it on the open market for big profits." GTRI clarified that this statement is factually incorrect and misleading. The think tank explained that India does not export crude oil, Russian or otherwise. India is a net importer of crude oil, and its total crude oil exports stand at zero. What India does export are refined petroleum products, including diesel and jet fuel, some of which are processed from Russian crude. This is standard practice among energy-importing countries, the report said. GTRI further stated that India's oil refineries, both public and private, operate independently in deciding where to source crude oil from. These companies do not need government permission to buy oil from Russia or any other country. Their decisions are based on commercial considerations, including price, supply reliability, and rules in export destinations. The report noted that if Indian refiners find that importing Russian crude involves risks, such as secondary sanctions or restricted access to global markets, they may reduce or stop such imports voluntarily. For example, India exported diesel and aviation turbine fuel (ATF) to the European Union in FY2025, but these exports will now stop due to the EU's ban on products refined from Russian crude. In such cases, refiners will shift away from Russian oil without needing a government order. This trend is already visible. In May 2025, India's imports from Russia declined by 9.8 per cent, amounting to USD 9.2 billion, compared to imports in May 2024. The GTRI report concluded that India is being unfairly targeted, while China's larger role goes unquestioned, possibly due to broader geopolitical interests.
Times of Oman
7 hours ago
- Times of Oman
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UK intelligence agencies plan to involve NATO allies to raid 'shadow fleet': Russia claims
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