West Texas Intermediate traded above $70 a barrel after surging more than 7% so far this week. Brent settled near $73 on Wednesday. The US president said he would impose a tariff on India’s exports and a penalty for its energy purchases from Russia. He later added the two sides were still in talks.
Meanwhile, the US implemented its most sweeping Iran-related sanctions in seven years. The measures toward Tehran and India have raised concerns about tightening supply and a potential knock-on effect to products such as diesel, with oil on track for its biggest monthly gain since September 2023.
Oil steadied after closing at the highest in almost six weeks as President Donald Trump threatened to penalize India for buying Russian crude and his administration tightened a crackdown on supplies from Iran.
West Texas Intermediate traded above $70 a barrel after surging more than 7% so far this week. Brent settled near $73 on Wednesday. The US president said he would impose a tariff on India’s exports and a penalty for its energy purchases from Russia. He later added the two sides were still in talks.
Meanwhile, the US implemented its most sweeping Iran-related sanctions in seven years. The measures toward Tehran and India have raised concerns about tightening supply and a potential knock-on effect to products such as diesel, with oil on track for its biggest monthly gain since September 2023.
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