Yesterday at 11:35 AM | Oil

Reuters: oil markets consider Trump's threat of Russian fuel tariffs as bluff

Reuters: oil markets consider Trump's threat of Russian fuel tariffs as bluff

Oil prices edged higher Monday following President Trump's threat to impose 25% tariffs on buyers of Russian crude. However, the gains remained modest as traders weighed the likelihood of actual imposition, Reuters reported.

China and India remain the top buyers of Russian oil. However, in 2022, India surpassed China to become the largest maritime importer of Russian crude. By 2024, shipments from Russia accounted for approximately 35% of India's total oil imports.

The Indian government confirmed its refineries will continue purchasing Russian crude that falls outside Western sanctions. This policy is now limiting available shipments for other buyers.

Chinese oil companies are scaling back Russian imports. Sinopec and Zhenhua Oil have halted purchases entirely, while other state refiners are reducing volumes following tightened US sanctions.

However, some Chinese firms remain unfazed by Trump’s latest tariff threat, dismissing it as another empty campaign promise.

Period: 08.04.2025 Expectation: 1940 pips
EURUSD selling ahead of Trump’s tariff plan announcement targeting 1.06
Today at 06:36 AM 2
Elizabeth_Kuzmicheva
Elizabeth_Kuzmicheva

Listed among the best MarketCheese authors
2nd in the segment "Metals"
Period: 04.04.2025 Expectation: 500 pips
RBA meeting outcome expected to bring AUDUSD back to a one-month low
Yesterday at 10:11 AM 23
AntonVolkov
AntonVolkov

Listed among the best MarketCheese authors
1st in the segment "Currencies"
Period: 30.04.2025 Expectation: 15850 pips
Sellers amassing positions in BTCUSD targeting price decline to 67,150
Yesterday at 09:03 AM 40
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
1st in the segment "Crypto"
2nd in the segment "Currencies"
Period: 18.04.2025 Expectation: 2000 pips
Selling EURUSD from 1.0740
Yesterday at 07:10 AM 43
Period: 07.03.2025 Expectation: 3238 pips
Tesla correction creates buying opportunity amid trade risks and supply data expectations
Yesterday at 06:40 AM 15
Elizabeth_Kuzmicheva
Elizabeth_Kuzmicheva

Listed among the best MarketCheese authors
2nd in the segment "Metals"
Period: 07.04.2025 Expectation: 700 pips
Silver prepares to climb to $35 level for the first time since 2012
31 March 2025 65
AntonVolkov
AntonVolkov

Listed among the best MarketCheese authors
1st in the segment "Currencies"
Go to forecasts