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50% US tariffs: Indian refiners look to cut back on Russian crude imports; Trump claims India to stop buying oil from Moscow – The Times of India
India is looking to reduce its Russian oil imports with refiners planning a gradual reduction, according to a Reuters report quoting sources. Russia continues to be India’s largest crude oil supplier. The Donald Trump administration has imposed 50% tariffs on India, 25% of which are for the latter’s crude oil procurement from Russia.On Wednesday, US President Donald Trump claimed that Prime Minister Narendra Modi had given assurance that India would discontinue purchasing oil from Russia.“So I was not happy that India was buying oil, and he (Modi) assured me today that they will not be buying oil from Russia,” Trump informed reporters at a White House gathering on Wednesday.Sources told Reuters that Indian refiners have not received any official directive from the government regarding stopping Russian oil imports.The sources quoted in the report indicated that an immediate halt to Russian oil purchases would be problematic, as transitioning to alternative crude sources would result in increased global oil prices and potentially trigger inflation concerns.During April to September, India’s Russian crude imports averaged 1.75 million barrels per day, representing approximately 36% of total oil imports, down from 40% in the corresponding period last year, according to government statistics.Imports of US crude increased by 6.8% year-on-year to roughly 213,000 bpd, constituting 4.3% of total imports.For the six-month period ending September 2025, Middle Eastern oil’s proportion increased to 45% from 42%, as revealed by the data.Following Trump’s claim, India issued a statement on Thursday emphasising its two primary objectives: maintaining stable energy prices and ensuring supply security.“It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective,” the foreign ministry said in a statement.Indian officials are currently conducting trade negotiations in Washington, whilst the US has increased tariffs on Indian goods by twofold to encourage New Delhi to decrease Russian oil imports. US negotiators have indicated that reducing these purchases would be essential for lowering India’s tariff rate and concluding a trade agreement, the Reuters report said.India and China have emerged as the leading purchasers of Russian seaborne crude exports, benefiting from reduced prices that Russia has had to offer following European buyers’ withdrawal and sanctions imposed by the US and EU after the Russia-Ukraine war that started in February 2022.Meanwhile India has indicated that it is exploring enhanced energy collaboration with the United States.“The current Administration has shown interest in deepening energy cooperation with India. Discussions are ongoing,” said foreign ministry spokesperson Randhir Jaiswal in the statement.
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At around 8.25 am, the benchmark US oil contract, West Texas Intermediate (WTI) climbed 4.06% to US$96.73 per barrel.
International oil benchmark Brent North Sea crude rose 3.62% to US$105.63. Both eased back in the following minutes.
Oil prices have soared since Israel and the US attacked Iran on Feb 28, and they have kept inching up due to the uncertainty over whether war will resume.
As the clock ticked for a return to the war that has engulfed the region, US President Donald Trump had said Tuesday he would maintain the truce to allow more time for Pakistani-brokered peace talks.
Iran said it welcomed the efforts by Pakistan but made no other comment on Trump’s announcement.
Wall Street stocks gained ground following President Trump’s unilateral ceasefire extension in the Iran war.
All three major US stock indexes advanced, with tech shares helping to put the Nasdaq out front, while gold advanced and the dollar edged higher.
The S&P 500 and the Nasdaq reached record closing highs.
“Despite the energy shock and headlines that have inundated investors, the macroeconomy, corporate fundamentals, and consumer spending remain strong,” said Bill Merz, head of capital markets research at US Bank Wealth Management in Minneapolis.
“Investors are taking the stance that the Strait of Hormuz will open before too much damage is inflicted on the global economy.”
Iran’s Revolutionary Guards seized two vessels for maritime violations just hours after Trump agreed to extend the ceasefire until negotiations are concluded.
About a fifth of the world’s oil and liquefied natural gas (LNG) supplies normally pass through the strait.
US stocks, initially battered by the war, have since made a full recovery, with the S&P 500 and the Nasdaq having reached all-time closing highs in recent sessions.
But geopolitical uncertainty lingers, and a prolonged period of elevated oil prices remains a threat.
About two-thirds of the S&P 500 companies that have reported quarterly earnings since the beginning of April have voiced concerns about energy prices in their analyst conference calls, according to a Reuters review of transcripts.
“Anytime there’s a global event like the conflict in the Middle East, and it grabs so many headlines and captures attention, it will crop up in earnings commentary,” Merz added. “But we’re not seeing it significantly impact behaviour yet.”
First-quarter earnings season is well underway amid lofty expectations. Analysts currently estimate year-on-year S&P 500 earnings growth of 14.4% for the January-March period, according to the most recent LSEG data.
The Dow Jones Industrial Average rose 341.27 points, or 0.69%, to 49,490.52, the S&P 500 +gained 73.90 points, or 1.05%, to 7,137.91, and the Nasdaq Composite was up 397.60 points, or 1.64%, to 24,657.57.
European shares ended lower for the third straight session as the Middle East strife continued to weigh on markets and investors assessed a raft of corporate earnings.
Dozens of international firms have withdrawn guidance or signalled price hikes since the war began.
MSCI’s gauge of stocks across the globe rose 4.52 points, or 0.42%, to 1,070.98.
The pan-European STOXX 600 index fell 0.35%, while Europe’s broad FTSEurofirst 300 index fell 8.58 points, or 0.35%.
Emerging market stocks fell 9.41 points, or 0.58%, to 1,606.07. MSCI’s broadest index of Asia-Pacific shares outside Japan closed lower by 0.6%, to 822.27, while Japan’s Nikkei .N225 rose 236.69 points, or 0.40%, to 59,585.86.
The dollar rose amid lingering geopolitical worries.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.26% to 98.63, with the euro down 0.32% at $1.1704.
Against the Japanese yen, the dollar strengthened 0.12% to 159.56.
In cryptocurrencies, Bitcoin gained 4.13% to $78,866.74. Ethereum rose 3.48% to $2,398.37.
US Treasury yields increased, rangebound amid choppy trading.
The yield on benchmark US 10-year notes rose 1.2 basis points to 4.304%, from 4.292% late on Tuesday.
The 30-year bond yield rose 1.1 basis points to 4.9091% from 4.898% late on Tuesday.
The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 2.1 basis points to 3.8%, from 3.779% late on Tuesday.
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