Oil prices jump after Trump announces end of Russian imports to India
Oil prices rise after five-month low (photo: Getty Images)
Global oil prices rose after US President Donald Trump announced the end of Russian crude imports to India, Bloomberg reports.
The price of Brent crude (the global benchmark) rose above $62 per barrel, while WTI (West Texas Intermediate, the US benchmark) reached $59 per barrel.
Trump stated that Indian Prime Minister Narendra Modi had promised to stop purchasing Russian oil. This could reduce supply in the global market, which is already tight.
India has not yet officially confirmed the US president's statement, but the country's Foreign Ministry noted that New Delhi seeks to diversify import sources and ensure stable prices.
In recent months, India and China have been actively buying cheaper Russian oil within the G7 price cap, but the West has now decided to increase pressure.
Restrictions on energy imports from Russia
US President Donald Trump announced the suspension of India's purchases of Russian oil.
The United Kingdom imposed sanctions on Russia's largest oil companies, two Chinese energy firms, and Indian oil refiner Nayara Energy.
Other factors are also affecting the market — rising trade tensions between the United States and China and an increase in US oil inventories, which grew by 7.4 million barrels last week, the highest level since the summer.
The United States is urging its allies in Asia and Europe to increase pressure on Moscow by rejecting Russian energy resources.
In this way, the US seeks to strengthen its own position in the energy market amid declining Russian supplies.
