Oil steadied after closing at the highest in almost six weeks as President Donald Trump threatened to penalize India for buying Russian crude and his administration tightened a crackdown on supplies from Iran.
West Texas Intermediate traded above $70 a barrel after surging more than 7% so far this week. Brent settled near $73 on Wednesday. The US president said he would impose a tariff on India's exports and a penalty for its energy purchases from Russia. He later added the two sides were still in talks.
Meanwhile, the US implemented its most sweeping Iran-related sanctions in seven years. The measures toward Tehran and India have raised concerns about tightening supply and a potential knock-on effect to products such as diesel, with oil on track for its biggest monthly gain since September 2023.
The market is keeping a close watch on the US deadline to nail down more trade deals by Aug. 1, with Trump also announcing a 15% tariff on South Korean goods. OPEC+ is scheduled to convene a meeting over the weekend to decide on supply policy for September, with most expecting another bumper increase.
Prices:
WTI for September delivery was 0.4% higher at $70.31 a barrel at 7:40 a.m. in Singapore.
Futures closed at $70 a barrel on Wednesday, the highest level since June 20.
Brent for September settlement, which expires on Thursday, rose 1% to close at $73.24 a barrel on Wednesday.
Source: Bloomberg
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