Brent and WTI crude futures rose 0. 6% after falling to a five-week low. This happened amid fears of supply disruptions due to US threats to impose tariffs on India for buying Russian oil.
India says its purchases of Russian oil have helped stabilize global prices by preventing shortages. The country is the third largest oil importer and buys more than a third of its oil from Russia.
In the Indian Himalayas, at least four people have died and dozens are missing due to a sudden avalanche caused by a "cloudburst. " The downpour devastated the village of Dharali, but most residents were in a neighboring town for a fair.
Donald Trump believes that falling energy prices will force Putin to stop killing people. He also threatens India with increased tariffs over purchases of Russian oil.
Donald Trump announced a significant increase in tariffs on India within 24 hours. The reason cited was India's purchase of Russian oil, which, according to Trump, fuels Russia's war machine.
India's National Security Advisor Ajit Doval and Foreign Minister S. Jaishankar will visit Russia for annual consultations. This comes amid growing tensions in India-US relations and Russia's ongoing war against Ukraine.
In India, heavy rain caused a sudden flood in Dharali village, Uttarkashi district. Five people died, dozens are missing, and houses were washed away by the water.
The global rise in gold prices is driven by the protectionist policies of the US, which have undermined confidence in the dollar. Investors and countries are seeking alternatives, reorienting towards gold and the euro.
Brent and WTI crude futures fell amid concerns about OPEC+'s oversupply and a weak demand outlook. This is the fourth consecutive decline for both contracts, which reached their lowest level in a week.
US Ambassador to NATO Matthew Whitaker stated that Trump's policy is pushing Russia towards negotiations with Ukraine. The next step will be secondary sanctions and tariffs against countries buying Russian oil.
The Indian Ministry of Foreign Affairs stated that the country imports Russian oil due to the redirection of traditional supplies to Europe. India claims that the US and EU themselves continue trade with Russia, including energy and other goods.
Donald Trump announced a significant increase in tariffs on imports from India. The reason is Delhi's active trade with Russia and the resale of Russian oil.
The price of gold at the beginning of August 2025 reached 134,480 hryvnias per troy ounce, which is more than 20% higher than in December 2024. Global demand for gold increased by 3%, with investment demand rising by 78%, and demand for jewelry decreasing.
Indian Oil Corp purchased 7 million barrels of crude oil from the US, Canada, and Abu Dhabi for September delivery. This happened after a suspension of Russian oil purchases, partially replacing its volumes.
Citi raised its gold price forecast to $3500 per ounce, anticipating a worsening US economy and inflation. This is due to new tariffs, a weakening dollar, and expectations of a Fed rate cut.
China refused to stop purchasing oil from Iran and Russia, citing national energy interests. Beijing stated that coercion and pressure would not succeed.
Indian Prime Minister Narendra Modi called on the country to buy local goods in response to US threats to impose tariffs. The Modi administration has not instructed Indian refineries to stop buying Russian oil, considering it a commercial decision.
Oil prices fell after OPEC+'s decision to increase production by 547,000 barrels per day in September. However, fears of disruptions to Russian oil supplies to India due to possible US sanctions limited losses.
China stated that it would not change its energy policy under external pressure, responding to US calls to stop purchasing oil from Russia and Iran. The Chinese Ministry of Foreign Affairs emphasized that it would ensure energy supply in accordance with national interests.
Stephen Miller, advisor to the President of the United States of America, accused India of funding Russia's war against Ukraine through oil purchases. He noted that India is effectively linked with China in purchasing Russian oil.
President of Ukraine Volodymyr Zelenskyy announced the application of sanctions against 94 captains and five companies of Russia's "shadow fleet. " These individuals and organizations transported Russian oil circumventing the price cap.
India has not obliged refineries to stop buying Russian oil, despite criticism from Donald Trump. The purchase of crude oil remains a commercial decision for the refineries.
New Zealand is introducing a fee of up to 40 New Zealand dollars for foreign tourists to visit popular sites. This is expected to generate 62 million New Zealand dollars annually, which will be invested in these facilities.
The United States Senate goes on summer recess without passing a bill on sanctions against Russia, which gives Trump the exclusive right to decide on their introduction. Democrats are skeptical about punishing Putin, despite his disappointment.
Cambodia plans to nominate Donald Trump for the Nobel Peace Prize. This is due to his role in ending the conflict between Thailand and Cambodia, which led to a ceasefire.
Indian officials have stated their intention to continue purchasing Russian oil, despite threats of sanctions from US President Donald Trump. India and Russia have a stable and time-tested partnership.
Donald Trump stated that he is aware of India's possible intentions to stop purchasing Russian oil. Indian refineries have already suspended purchases due to reduced discounts.
From August 1, the US maintains a 10% universal tariff but introduces a 15% minimum tariff for countries with a trade deficit. Trump fragmented negotiations, successfully reaching agreements with Europe while continuing pressure on China.
At least four tankers with Russian oil are idling off the coast of India. Indian refineries are refusing Russian oil due to reduced discounts and warnings from the US President.
Oil prices barely changed as fears of tariffs' impact on demand balanced the threat of supply disruption from Russia. Brent and WTI futures rose slightly, but are expected to increase by 4.9% and 6.4% respectively by the end of the week.
