The oil is directed toward the greatest weekly rise by mid -June after increasing the President’s pressure Donald Trump to Russia, as the market is preparing for the impact of US duties that come into force today (1.8.25).
The West Texas Intermediate remained stable over $ 69 a barrel, heading for the largest weekly profit from Israel’s attack on Iran, while the Brent was negotiating close to $ 72. Donald Trump warned Moscow by imposing economic sanctions, calling for a ceasefire in the Ukraine war, while at the same time criticizing India to continue imports of Russian crude oil.
At present, financial markets will focus on Trump’s duties and any retaliation measures from the target countries. The president signed an executive decree that increases the rate for Canada from 25% to 35%, but maintained the exception to products covered by the US-Mexico-Canada trade agreement, which includes oil.
Oil in course for weekly rise as Trump exerts pressure on Russia
Trump will maintain a minimum of 10%global duty while India will be subject to 25%tax. The US president pointed to this duty for South Asian country in a social media post on Wednesday (30.7.25), Targeting Russian energy and weapons markets and increasing the prospect of additional sanctions.
In response, India has asked state refineries to draw up plans for the purchase of non -Russian crude oil, and a person who is familiar with the directive said this is equivalent to scripting. Above one third of the country’s total markets comes from OPEC+ producer this year.