WASHINGTON (dpa-AFX) - Oil prices were steady on Friday, reversing early losses, after reports emerged that the Trump administration will pressure G7 countries to hit India and China with sharply higher tariffs for buying Russian oil.
Benchmark Brent crude futures edged up by 0.1 percent to $66.44 a barrel in European trade after big declines in the previous session on concerns over weakening U.S. demand and a global supply glut. WTI crude futures were little changed at $62.35.
The Financial Times reported, citing sources that finance ministers from the G7 -- Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States -- will discuss the proposal in a video call later today. The suggested tariff levels are said to be between 50 and 100 percent.
Investors also weighed supply disruption risks from conflict in the Middle East and Ukraine.
A drone attack on Russia's Primorsk port today resulted in a fire on a vessel and a pumping station, marking the first reported drone strike on Russia's significant oil and fuel export terminal.
Elsewhere, the UN Security Council has condemned Israel's strike on Doha targeting Hamas leaders, warning it violated Qatar's sovereignty and endangered fragile mediation efforts for peace in Gaza.
On the supply side, India's largest private port operator, Adani Group, has banned entry of tankers that are sanctioned by the U.S., U.K. or the European Union, multiple local media outlets reported, potentially curbing Russian oil supplies.
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