WASHINGTON (dpa-AFX) - Oil prices fell sharply on Tuesday, after having surged nearly 2 percent in the previous session to an almost three-week high ahead of the doubling of Indian tariffs and amid news of Ukraine's drone and missile strikes on Russia's oil infrastructure.
Benchmark Brent crude futures fell a little over 1 percent to $67.50 a barrel in European trade, while WTI crude futures were down 1.2 percent at $64.01.
Risk aversion gripped markets after U.S. President Donald Trump announced the dismissal of Federal Reserve governor Lisa Cook over alleged mortgage fraud and also warned Beijing that the United States will impose a 200 percent tariff if China refuses to supply it with rare-earth magnets.
Investors also awaited a looming key U.S. inflation report and reacted to ongoing political turmoil in France.
Meanwhile, the Trump administration officially issued a notice regarding the imposition of an additional 25 percent tariffs on Indian imports, with the punitive duties set to kick in at 12:01 am (EST) on August 27.
Russian foreign minister Sergey Lavrov has accused Western nations and Ukrainian President Zelensky of obstructing peace talks on Ukraine in an interview.
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