31 March | 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: 09.01.2026 Expectation: 7500 pips
Silver rally stalls as prices push past $80
Yesterday at 11:31 AM 46
Gold buy
Period: 05.01.2026 Expectation: 9000 pips
Gold takes breather after reaching all-time high
Yesterday at 11:08 AM 75
Period: 16.01.2026 Expectation: 150 pips
Buying Brent crude up to $62.20
Yesterday at 09:31 AM 20
Period: 05.01.2026 Expectation: 1000 pips
S&P 500 correction looms as it tests record highs in final days of 2025
Yesterday at 08:47 AM 45
Period: 02.01.2026 Expectation: 740 pips
Central bank policy split drives AUDCAD higher
26 December 2025 78
Brent sell
Period: 09.01.2026 Expectation: 200 pips
Rebound won’t help Brent crude to break out of downtrend
26 December 2025 51
Go to forecasts