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: 31.05.2026 Expectation: 4000 pips
EURUSD selloff targets 1.12000
Today at 10:16 AM 11
Period: 01.04.2026 Expectation: 130 pips
Warm weather sends natural gas tumbling toward November lows
Today at 09:41 AM 13
Period: 30.04.2026 Expectation: 2000 pips
Buying NVIDIA stock from support level
Today at 08:44 AM 18
Period: 01.04.2026 Expectation: 830 pips
USDCAD attempts to breach upper limit of ascending channel amid geopolitical fog
Today at 06:54 AM 13
Period: 30.04.2026 Expectation: 300 pips
Selling Tesla stock down to $350
Yesterday at 11:50 AM 29
Brent sell
Period: 31.03.2026 Expectation: 1300 pips
Selling Brent crude with $93.00 in view as bearish pressure builds
Yesterday at 11:11 AM 34
Go to forecasts