The Commodities Feed: Potential Trump-Putin meeting weighs on oil

Energy – Potential Trump-Putin meeting ICE Brent settled almost 0.7% lower yesterday with hopes that Presidents Trump and Putin may meet soon, possibly as soon as next week. It’s still unclear if Ukrainian President Volodymyr Zelenskyy will take part. This is important because it could affect the secondary tariffs on India, depending on how discussions go. However, it is important to note that President Trump’s deadline for a Russia-Ukraine peace deal expires today, leaving open the risk that the US will still tighten sanctions against Moscow. Meanwhile, there are media reports that Indian state refiners are taking a step back from buying Russian crude oil amid the tariff uncertainty. Refiners are waiting for some guidance from the government before resuming their purchases. As we have mentioned previously, Indian exports to the US dwarf the savings that India receives from buying discounted Russian crude oil. Therefore, we believe that India will likely switch to alternative ...