31 March 2025 | 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: 17.07.2026 Expectation: 500 pips
Buying Brent crude with $80 target
10 July 2026 46
Period: 31.08.2026 Expectation: 600 pips
Invest in AUDCAD up to 0.9900
10 July 2026 30
Period: 17.07.2026 Expectation: 745 pips
USDCAD keeps its downside potential on fading upward move
10 July 2026 23
Period: 10.08.2026 Expectation: 4000 pips
Selling GBPUSD on weak UK economy
10 July 2026 18
Period: 18.07.2026 Expectation: 725 pips
AUDCAD sets sights higher as new uptrend takes shape
10 July 2026 22
Period: 09.08.2026 Expectation: 250 pips
Selling ETHUSD down to $1,500
09 July 2026 56
Go to forecasts