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Oil Steadies Near $67 As U.S. Tariffs on India Start and Russia Risks Persist

Traders brace for a 50% levy on Indian exports that could reshape crude trade.

Overview

  • Brent was last near $67.24 and WTI around $63.25 early Wednesday, little changed after a more than 2% slide on Tuesday from two‑week highs.
  • The U.S. is imposing an additional 25% duty at 12:01 a.m. EDT to lift overall tariffs on Indian exports to 50% in response to India’s Russian oil purchases, with a DHS draft notice preceding the move.
  • Indian Oil and Bharat Petroleum have resumed purchases of Russian crude for September and October, leading analysts to question how much the higher U.S. tariff will curb those flows.
  • Ukrainian drone strikes have hit Russian energy assets including the Ust‑Luga fuel terminal and the Novoshakhtinsk refinery, with officials reporting reduced operations and fuel shortages in some regions.
  • Russia plans to raise August crude exports from western ports by about 200,000 barrels per day after recent attacks, while markets also weigh Fed rate‑cut expectations against OPEC+ and non‑OPEC supply growth.