Oil Prices Edge Higher as US Tariffs Hit India.

Oil prices tick higher, with attention turning to potential secondary tariffs on India.

Oil prices moved higher on Wednesday, rebounding from steep losses in the prior session as traders assessed the impact of sharp U.S. tariffs on India and a smaller-than-expected drawdown in U.S. crude inventories.

In the previous session, both benchmarks fell over 2% amid fading hopes for a near-term peace agreement between Russia and Ukraine.

India tariffs come into force

The Trump administration has introduced an additional 25% duty on Indian imports, effectively doubling tariffs to 50%. The move is seen as part of Washington’s broader strategy to pressure India over its ties with Russia during the ongoing Ukraine conflict.

The war in Ukraine continues to dominate market sentiment. While President Donald Trump has positioned himself as a potential mediator, he recently warned of new sanctions against Moscow if no progress toward a peace deal is achieved within two weeks.