Oil prices rose on Monday. The reason was that White House Trade Advisor Peter Navarro said that India’s purchases of crude oil from Russia were financing Moscow’s war.
Navarro said, “India is acting as a global oil clearinghouse for Russia, converting embargoed oil into high-value products, earning dollars for Moscow.” This announcement generated new buying interest in the market.
Brent oil prices rose 0.46% to $66.15, while US crude oil (WTI) increased 0.61% to $63.18. Analysts emphasize that energy flows are still dependent on geopolitical tensions.
Attention is also focused on the meeting between US President Donald Trump and Ukrainian leader Zelenskyy later in the day.
Last week, after his meeting with Putin, Trump adopted a more pro-Moscow stance by sending the message that Crimea could not be reclaimed and Ukraine could not join NATO. According to experts, even though the prospects for peace have strengthened, energy markets are still fragile and prices are open to surprise increases at any moment.
