The Washington administration is imposing additional tariffs in the amount of 25% on India in connection with its purchase of Russian oil.
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Brent crude futures rose 90 cents, or 1.3 percent, to $68.54 a barrel, while U.S. West Texas Intermediate crude rose 92 cents, or 1.4 percent, to $66.08 a barrel.
Despite new European Union (EU) sanctions and warnings from the United States, state-run Indian oil companies are expected to continue purchasing Russian crude using dirhams for payment, according to officials cited by Moneycontrol.
NIDC reported a 17.5% increase in specialized drilling operations for client companies in the first four months of the current Iranian year.
Brent crude futures fell 1 cent to $68.75 a barrel, while U.S. West Texas Intermediate crude fell 2 cents to $66.28.
Despite progress in U.S.-China trade talks, Beijing firmly rejects Washington’s demand to stop buying oil from Iran and Russia, citing national interests and energy security.
Brent crude futures fell 85 cents, or 1.2 percent, to $68.82 a barrel, while U.S. West Texas Intermediate crude fell 82 cents, or 1.2 percent, to $66.51 a barrel.
National Iranian Drilling Company (NIDC) has drilled and completed 48 oil and gas wells onshore and offshore across Iran during the first four months of the current Iranian calendar year, a company official said.
Brent crude futures fell 7 cents, or 0.1 percent, to $71.63 a barrel. U.S. West Texas Intermediate crude fell 10 cents, or 0.14 percent, to $69.16 a barrel.
Indian state refiners have temporarily ceased purchasing Russian crude oil this week, primarily due to concerns over potential secondary tariffs threatened by U.S. President Donald Trump and reduced discounts on Russian oil.
Brent crude fell 0.4 percent to $72.21 and West Texas Intermediate (WTI) fell 0.2 percent to $69.83 a barrel, following a 1 percent gain in both indices on Wednesday.
US president Donald Trump said on July 30 that the US has concluded a trade deal with Pakistan, saying that the two countries will work together to developing "massive oil reserves" allegedly in Pakistan.
United States President Donald Trump has announced a 25 percent tariff on Indian goods, as well as an unspecified penalty for the country’s purchase of Russian oil and military equipment, as the unending war in Ukraine frustrates the White House.
Iran has managed to significantly increase its oil production in a short period of time under an emergency plan introduced by the government and despite the pressures of the US sanctions, according to a report published in the local media.
Brent crude futures fell 17 cents, or 0.24 percent, to $71.52 a barrel, while U.S. West Texas Intermediate crude fell 11 cents, or 0.14 percent, to $69.12.
Vikram Doraiswami, India's High Commissioner to the UK, defended India's oil imports from Russia, highlighting the necessity for economic sustainability and the country's long-standing security ties with Russia.
The Ministry of Oil's deputy highlighted the crucial role of the private sector in advancing the oil industry's objectives, emphasizing the country's reliance on oil.
Brent crude futures rose 1 cent to $70.05 a barrel, while U.S. West Texas Intermediate crude fell 2 cents to $66.69.
Trump has reduced the deadline for imposing sanctions on Russian oil exports, threatening 100% tariffs on buyers, mainly India and China, if Moscow doesn't end Ukraine's conflict, causing geopolitical risk.
The South Azadegan oil field drilling project, completed through collaboration with NIDC and PEDEC, has been handed over to the employer for operation.