At the same time, the US president said he was not looking at lowering tariffs on India, one week after Washington doubled levies on most of the country’s imports to 50% as punishment for its buying of Russian oil. That move — which hasn’t been matched by similar action against China, another major importer — is part of a wider bid to force Moscow to end hostilities in Ukraine.
Crude has gained ground in early September after slumping last month amid concerns that the global market was destined for a surplus, with OPEC+ loosening supply curbs. The alliance, which includes Russia, is due to meet this weekend, and most analysts and traders expect the group to stand pat on production for October, pausing a long run of increases.
In addition to the backdrop of US tariffs, oil traders were tracking the impact of Ukrainian strikes against Russia’s energy infrastructure, including refineries. South America was also in focus, with US warships deployed off Venezuela in an apparent anti-drug trafficking push. Venezuelan President Nicolás Maduro said the US efforts were meant to seize the country’s crude.
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