Crude Oil Prices Hold Steady After Hitting One-Week Low; Market Worries Continue

Crude oil prices stayed mostly flat on Tuesday after 3 consecutive days of declines, as traders remained cautious about oversupply risks and possible disruptions in Russian crude flows due to mounting geopolitical tensions.

Brent, WTI Flat After Recent Slide

Brent crude futures were steady at $68.76 per barrel, while U.S. West Texas Intermediate (WTI) dipped just 2 cents to $66.27 per barrel early on Tuesday. Both benchmarks had dropped more than 1% in the previous session, hitting their lowest levels in a week.

The ongoing price weakness is tied to growing concerns that the global oil market may be entering an oversupply phase, especially after OPEC+’s latest output decision.

US-India-Russia Tensions Fuel Uncertainty for Crude Oil Prices

Another key factor influencing oil markets is rising geopolitical tension. US President Donald Trump is increasing pressure on India to halt Russian oil purchases, threatening 100% tariffs on buyers of Russian crude, in addition to the 25% tariff already imposed on Indian exports in July.

India remains Russia’s top buyer of seaborne crude, importing around 1.75 million bpd from January to June this year.

Demand Concerns Also Linger

Investors are also worried about the broader impact of US tariff policies on global trade. If tariffs slow down economic growth, fuel demand growth could weaken, adding further pressure on oil prices.

Read more: Gift Nifty Rises to 54 pts on August 5, 2025: How Is the Indian Stock Market Likely to Open Today?

Conclusion

With OPEC+ ramping up supply and the US threatening key buyers of Russian crude, oil markets are facing a delicate balance. Traders are now watching closely for further political developments and economic signals that could shape demand in the coming weeks.

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