Oil prices held steady as tensions rose between the U.S. and India over New Delhi’s continued purchases of Russian crude. White House trade adviser Peter Navarro criticized the trade, calling it a “refining profit-sharing scheme” and accusing India of ignoring “its role in the bloodshed.”
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President Trump is still expected to double tariffs on Indian imports to 50% starting August 27, with half of that increase tied to its Russian oil buys. Despite the pressure, Indian refiners have resumed buying Russian crude after a brief pause.
Benchmark Brent held below $68 a barrel, though it remained on track for its strongest weekly gain since July. Analysts warn the oil market outlook is still bearish due to rising OPEC+ output and broader trade concerns.
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