Oil prices fall as US doubles tariffs on Indian imports
Oil prices dropped on Tuesday, with Brent at $67.92 and WTI at $64.48, as the US announced higher tariffs on Indian imports tied to Russian oil deals.
Indian crude also dipped about 0.4%.
The move reflects growing trade tensions between the US and India over energy policy.
US tariffs could mean higher costs for Indian exporters
The US just doubled tariffs on Indian imports to 50%, hoping to pressure India to cut back on Russian oil purchases—something Washington says is fueling Russia's war in Ukraine.
This could mean higher costs for Indian exporters and signals a cautious outlook for global oil prices.
Geopolitical tensions and oil prices
Geopolitical tension is keeping markets jittery. Even after a recent spike from an attack on a Russian nuclear site, these new tariffs have cooled things off again.
Analysts think the extra caution is keeping oil prices under pressure, even if there haven't been huge drops yet.