Oil Prices Set for Weekly Gain as Traders Watch Russia and US Tariffs

Oil prices are set to experience their most significant weekly increase since mid-June, driven by President Donald Trump’s intensified pressure on Russia. The market is bracing for the impacts of US tariffs that are scheduled to take effect on Friday.

West Texas Intermediate has stabilized above $69 a barrel, looking for its largest weekly rise since the escalation between Israel and Iran, while Brent is hovering around $72. Trump has cautioned Moscow about economic sanctions unless a swift resolution is achieved in the Ukraine conflict, while also noting India’s import of Russian crude oil.

At present, financial markets are concentrating on Trump’s tariffs and any retaliatory measures from affected countries. The president has implemented an executive order that raises the import tax on Canada from 25% to 35%, while maintaining exemptions for products covered under the US-Mexico-Canada trade agreement, such as oil.

Trump intends to impose a minimum global tariff of 10%, while India is subject to a 25% rate. The US president mentioned this duty on India in a social media post on Wednesday, focusing on its imports of Russian energy and arms, and hinted at potential for further sanctions.

In response, India has directed its state-owned refiners to formulate plans for sourcing non-Russian crude, with one insider indicating a scenario planning strategy. This year, over a third of India’s crude imports have been sourced from the OPEC+ producer.

Prices:
WTI for September delivery increased 0.2% to $69.43 per barrel as of 12:53 p.m. in Singapore, after a 1.1% drop on Thursday. Futures have surged over 6% this week. Brent for October delivery rose 0.3% to $71.88 per barrel.

© 2025 Bloomberg

Stay updated with Moneyweb’s comprehensive finance and business news on WhatsApp here.