ISTANBUL, Aug 7 — Global oil prices rose on Wednesday amid growing supply concerns, following US President Donald Trump’s threat to impose tariffs on India for purchasing oil from Russia, Anadolu Agency reported.
International benchmark Brent crude was trading at US$67.97 per barrel at 10:44 a.m. local time (0744GMT), up 0.74% from the previous session’s close of US$67.47.
Meanwhile, West Texas Intermediate (WTI), the US benchmark, climbed 0.72% to US$65.04 per barrel, compared to US$64.57 in the previous session.
The price uptick follows diplomatic developments involving Trump’s special envoy Steve Witkoff, who arrived in Moscow to discuss the ongoing Russia-Ukraine war. Russian media outlet RT quoted Kremlin spokesperson Dmitry Peskov, saying a direct meeting between Witkoff and Russian President Vladimir Putin was still possible.
Witkoff’s visit comes amid Trump’s warnings of sweeping new sanctions against Russia — including 100% tariffs and secondary measures against its trading partners — if significant progress isn’t made toward resolving the conflict. Trump has set a Friday deadline for Russia to agree to a ceasefire with Ukraine.
Earlier, Trump had posted on social media that he plans to significantly raise tariffs on India, accusing New Delhi of profiting from reselling Russian oil.
“They don’t care how many people are killed in Ukraine by the Russian war machine. Because of that, I will massively increase the tariffs India pays to the US,” Trump wrote, without elaborating on the scope or timeline of the proposed tariff hike.
Additional Support for Oil Prices
Oil prices were further supported by a decline in US crude inventories. According to the American Petroleum Institute (API), US commercial crude stockpiles fell by 4.2 million barrels last week, signaling a rebound in demand in the world’s largest oil-consuming nation.
The US Energy Information Administration (EIA) is expected to release official inventory data later today.
Meanwhile, OPEC and its allies (OPEC+) announced on Sunday that eight member countries will collectively increase oil production by 547,000 barrels per day in September, compared to August, in an effort to regain market share amid shifting global dynamics.
— BERNAMA
