Brent crude gained nearly 1% to around $62 a barrel after Trump said Prime Minister Modi had promised to stop buying Russian oil. The U.S. benchmark, WTI, also edged higher, nearing $59.
India has been one of Russia’s largest oil customers since 2022, when Western sanctions reshaped flows. A complete withdrawal would unsettle that equilibrium, tightening supplies and challenging refiners reliant on discounted Russian barrels. However, sources in India’s refining sector have indicated a more gradual recalibration is likely, not an immediate exit. Mangalore Refinery and Petrochemicals, among others, has signalled it is exploring cheaper alternatives but still wants to maintain Russian access where possible.
Russia’s reaction was swift and dismissive. Deputy Prime Minister Alexander Novak said the partnership with India remained stable and would continue on commercial merit.
Only a day earlier, Brent had touched its lowest level in five months amid forecasts of oversupply in 2026 and weak industrial sentiment from China. Trump’s comments flipped that tone, underscoring how geopolitical narratives can overpower fundamentals, even if only temporarily.
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