Oil Prices Climb as Trump Threatens India with Tariffs
(MENAFN) Oil prices increased on Wednesday due to worries about supply after US President Donald Trump warned of imposing tariffs on India for purchasing oil from Russia.
The international benchmark Brent crude was trading at $67.97 per barrel at 10:44 am local time (0744 GMT), marking a 0.74% rise from the previous session's closing price of $67.47.
Similarly, the American benchmark West Texas Intermediate (WTI) crude grew by 0.72% to reach $65.04 per barrel, up from $64.57 in the prior session.
Trump’s special envoy, Steve Witkoff, arrived in Moscow to discuss the ongoing Russia-Ukraine conflict, according to a Russian broadcaster.
Earlier, Kremlin spokesperson Dmitry Peskov stated that an in-person meeting between Witkoff and Russian President Vladimir Putin remains a possibility.
Witkoff’s visit occurs as Trump threatens comprehensive new sanctions on Russia, including 100% tariffs and secondary measures targeting its trade partners if meaningful progress toward resolving the war is not achieved.
This trip also precedes a Friday deadline set by Trump for Russia to consent to a ceasefire agreement with Ukraine.
Previously, Trump mentioned he would make a decision on sanctions against Russia depending on the results of Witkoff’s discussions in Moscow.
On Sunday, Trump posted on social media that he intends to impose higher tariffs on India, accusing New Delhi of gaining from the resale of Russian oil.
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