The oil market is experiencing a notable rebound after hitting a five-month low, driven by a recent statement from US President Donald Trump. He claimed that Indian Prime Minister Narendra Modi has committed to stopping imports of Russian crude oil—a development that could significantly tighten global oil supplies. This news sparked optimism among traders, pushing Brent crude prices above $62 per barrel after a two-day decline of 2.2%, while West Texas Intermediate approached $59. However, it’s important to note that Trump’s statement did not specify when this supposed halt would begin, and there has yet to be any official confirmation or announcement from New Delhi regarding India’s intentions. This situation highlights how geopolitical signals can influence oil prices—even when details remain uncertain—and raises questions about how such decisions might impact the global energy market moving forward.
