Overview
- President Trump said India would stop purchasing Russian crude and increase buys from the United States and possibly Venezuela, linking the move to efforts to end the war in Ukraine.
- Trump also announced what he described as an immediate U.S.–India trade deal that lowers a mutual tariff to 18%, and he said India would further reduce tariff and non-tariff barriers.
- Prime Minister Narendra Modi publicly backed Trump’s peace efforts and welcomed an 18% tariff on Indian goods, but his statement did not mention halting Russian oil purchases or confirm the broader commitments Trump described.
- Reuters reporting, citing sources, said Washington may resume Venezuelan oil sales to India and that New Delhi plans to trim Russian crude imports by several hundred thousand barrels per day from about 1.2 million b/d in January.
- Brent and WTI futures fell roughly 4.8% and nearly 5% to $66.02 and $61.98, respectively, after comments pointing to U.S.–Iran de-escalation, including indications the IRGC would forgo live-fire drills in the Strait of Hormuz.