Crude Oil Prices Rise 1% on Thursday as India Reportedly Agrees to Halt Russian Oil Imports

Global crude prices gained around 1% in early Thursday trade following remarks from U.S. President Donald Trump that India would stop purchasing oil from Russia. The statement sparked renewed supply concerns in the global oil market, pushing prices higher after recent declines.

Market Movement and Price Update

At 0046 GMT, Brent crude futures rose by 57 cents (0.9%) to $62.48 per barrel, while U.S. West Texas Intermediate (WTI) gained 54 cents (0.9%) to $58.81 per barrel. Both benchmarks had previously hit their lowest levels since early May amid worries over weak demand and rising global supply.

Geopolitical Context: U.S. Pressure on India and China

Trump’s comments come as Washington intensifies its campaign to curb Moscow’s energy revenues, urging countries to stop importing Russian oil. 

He stated that Indian Prime Minister Narendra Modi had pledged to halt such purchases and hinted that China would be the next target of diplomatic persuasion. The U.S. and European Union have already imposed sanctions on Russian seaborne crude exports.

Implications for Global Energy Trade

India and China are currently the largest buyers of Russian crude, together accounting for the bulk of Moscow’s export revenues. If India follows through on the commitment, it could significantly reshape global oil flows, tightening supply and potentially driving prices higher.

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Conclusion

Oil prices rebounded on expectations of reduced Russian exports following the U.S.-India announcement. While official confirmation from New Delhi remains pending, traders are closely monitoring developments that could have far-reaching implications for global energy markets.

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