Oil prices rose on Thursday after U.S. President Donald Trump said India would stop buying oil from Russia, a move that could reduce global supply.
Brent crude gained $0.48, or 0.78%, to reach $62.39 a barrel at 02:15 a.m. GMT. U.S. West Texas Intermediate (WTI) rose $0.49, or 0.84%, to $58.76.
Trump told reporters that Indian Prime Minister Narendra Modi had agreed to halt Russian oil purchases. However, he did not give a timeline, and there has been no official confirmation from New Delhi.
India and China have been the biggest buyers of discounted Russian crude since Western sanctions were imposed after the Ukraine war. The Group of Seven (G7) had set a price cap to limit Moscow’s revenue while keeping global supplies stable.
Energy analysts said India currently buys nearly three times more oil from Russia than from the U.S. Replacing those barrels could force Indian refiners to turn to the Middle East for alternative supplies.
“India’s exit from Russian crude would reshape regional trade flows,” said Mukesh Sahdev, CEO of Xanalysts, an energy research firm based in Sydney.
The U.S. has long pressed India to reduce its reliance on Russian energy. On Wednesday, India’s trade secretary said the country could buy up to $15 billion worth of oil from the United States instead.
Oil prices had recently fallen to a five-month low due to concerns over U.S.–China trade tensions and rising inventories. An industry report this week showed U.S. stockpiles grew by 7.4 million barrels, the biggest increase since July.
Traders are now watching for official data and any formal statement from India. Analysts say the decision, if confirmed, could keep Brent prices above $60 in the short term.
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