A discount of $10-12 per barrel on Venezuelan crude would make the switch economically neutral, even considering increased shipping distances and potential refining adjustments.

US President Donald Trump has made a bold geopolitical announcement, claiming that India will now purchase crude oil from Venezuela instead of Russia. According to Trump, this shift could immediately neutralize the 50% US tariff threat that had been looming over Indian oil imports.

Crude oil futures recovered some of the previous session's sharp losses after US forces shot down an Iranian drone that approached the aircraft carrier USS Abraham Lincoln in the Arabian Sea

Oil futures recovered part of the previous day’s losses as India was expected to curtail purchases of Russian crude under a trade deal with the U.S.

Crude oil steadies after Iran headlines trigger a shakeout as traders watch demand, strong dollar pressure, and key trend line support to gauge market direction.

According to the reports, the deal is linked to stopping purchases of Russian oil and reaching an agreement to increase the purchase of energy products from the US.

Moody’s warns that an immediate halt to India’s Russian crude imports would disrupt global oil markets, even as New Delhi accelerates a shift toward non-Russian supplies under pressure from a new U.S.

India has agreed to buy petroleum, defence goods, and aircraft from the U.S., while partly opening up its highly-guarded agriculture sector under a trade deal, according to a government official, as the two sides reconcile after months of tensions.