Trump's latest threat to India, oil prices drop slightly
Oil prices have fallen for three consecutive days as investors worry about the risk of Russian oil supply. In response, U.S. President Donald Trump has increased threats of punishment for India purchasing Russian oil. After Brent crude prices fell over 6% in the past three trading days, hovering around $68 per barrel, and West Texas Intermediate crude prices slightly below $66, Trump stated that he would "substantially increase" tariffs on Indian goods imported to the U.S. because of their purchase of Russian oil, in an effort to pressure Russia to achieve a ceasefire in Ukraine. New Delhi has criticized this move as unjustified. Oil prices have experienced fluctuations, rising above $70 per barrel before falling back down, as traders are trying to assess whether Trump will follow through with his threats against Russian oil buyers. The latest warning from the U.S. President to India came before the August 8 deadline he set for Russia to reach a ceasefire with Ukraine. It is reported by TASS that U.S. envoy Steve Whitekov is expected to visit Moscow on Wednesday. Since Russia's invasion of Ukraine in 2022, India has become the largest buyer of Russian seaborne crude oil, purchasing large quantities of discounted crude that Western countries avoid, increasing their purchases from nearly zero to about one-third of their total imports. China is also a major buyer of Russian oil.
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