Asian market oil prices rise, Trump threatens to sanction Indian buyers of Russian oil.

Oil prices rose during the early Asian trading session, following President Trump's statement that the United States will punish India for buying Russian weapons and energy. The latest West Texas Intermediate crude oil futures for delivery in the near months rose by 0.5% to $70.33 per barrel, while Brent crude oil futures for delivery in the near months rose by 0.4% to $73.52 per barrel. Analysts from ANZ Bank reported that Trump warned India of facing a 25% tariff "plus fines" and criticized India for being one of the largest buyers of Russian energy. Due to these potential measures, Indian company Nayara Energy has reduced the processing rate at one of its refineries, exacerbating concerns in the market about tighter supply in the refined oil market, which could further push up oil prices.