- Oil holds steady as market weighs India–Russia trade ahead of tariff hike
- WTI prompt-month rose $0.13 to $63.65/Bbl Friday morning (7:45 AM CT)
- Prices were little changed as traders assessed the outlook for Russian crude flows to India, amid escalating US criticism of the trade
- White House trade adviser Peter Navarro confirmed US import levies on Indian goods are set to double on August 27, with President Trump threatening to raise tariffs to as high as 50%
- Analysts at Morgan Stanley, including Martjin Rats and Charlotte Firkins, warned the oil market faces an “unusually large, yet unusually well-anticipated” surplus in the coming quarters
- US targets Greek shipper, Chinese ports in latest Iran oil crackdown (Bloomberg)
- Washington sanctioned a Greek shipper and two Chinese port-terminal operators accused of moving Iranian oil
- The Treasury said Antonios Margaritis used his decades of shipping experience to “illicitly facilitate the transportation and sale” of Iranian petroleum
- China’s Foreign Ministry pushed back, calling the sanctions unlawful and urging the US to halt the measures, spokeswoman Man Ning said
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