Oil Hits One-Month High as Trump Targets Russian Flows to India

Oil rose to the highest since June after US President Donald Trump’s threats to penalize India for buying Russian crude fueled investors’ worries that global supplies may tighten.

West Texas Intermediate climbed 1.1% to settle at $70 a barrel, the highest since June 20, extending a rally that jolted prices out of a narrow range this month. Trump said on his Truth Social platform that India would face a 25% tariff “plus a penalty” while criticizing the country for being one of largest buyers of Russian energy. India’s Nayara Energy is reducing run rates at its refinery as a result of the measures, stoking fears of exacerbated tightness in refined product markets that could bleed into oil prices.