Oil Prices Surge as US Urges India to Halt Russian Crude Imports

Swift Summary

• White House trade adviser Peter Navarro criticized India’s imports of Russian crude, arguing that it funds Moscow’s war in Ukraine and must cease for India to align with the U.S. as a strategic partner.
• Oil prices rebounded sharply after Navarro’s comments: Brent crude rose 0.46% to $66.15 per barrel, and U.S.West Texas Intermediate increased 0.62% to $63.19 per barrel.
• Analyst Priyanka Sachdeva noted this reflects fragile market sentiment amid increased risk perception tied to geopolitical tensions.
• President Trump met Russian President Vladimir Putin on Friday but secured no deal on ending the Ukraine war; reports outline Russia’s proposal for a “land-for-peace” agreement facing resistance from Ukraine and europe.
• Trump will meet Ukrainian leader Zelensky and European officials Monday, urging acceptance of quick peace terms despite skepticism regarding territorial demands by Russia.
• China remains the largest buyer of Russian oil followed by India; Trump’s mention of delayed tariffs eased immediate fears over disruptions in supply.

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