Oil prices advanced roughly 1% in early trading on Thursday following comments from U.S. President Donald Trump that Indian Prime Minister Narendra Modi had agreed to cease oil imports from Russia, a country that currently supplies about a third of India’s crude needs.
Brent crude climbed 0.79% to $62.40 per barrel, while U.S. West Texas Intermediate (WTI) moved up by 0.79% as well to trade at $58.73 a barrel.
Speaking on Wednesday, President Trump stated that India will discontinue oil purchases from Russia—its largest supplier. He further indicated that Washington’s next step would be to convince China to halt Russian crude imports, as the U.S. intensifies its campaign to stem Moscow’s energy revenue and push for negotiations over the Ukraine conflict.
India and China have remained the most significant importers of Russian seaborne crude, despite sanctions imposed by the United States and the European Union. While Indian authorities have long justified continued Russian oil purchases as essential for the country’s energy security, Thursday’s developments mark a potential shift in New Delhi’s policy after months of maintaining resistance to U.S. demands, according to sources.
