Crude oil prices were on track for a steep weekly loss on Friday, August 8, 2025, as fears over new trade tariffs and higher OPEC+ production dampened market sentiment and fueled bearish trading.

By mid-morning, Brent crude was trading at $66.39 per barrel and West Texas Intermediate (WTI) at $63.79 per barrel—both lower than their closing prices on Thursday, August 7.

The declines came despite U.S. President Donald Trump’s announcement of an additional 25% tariff on all Indian imports, a move intended to penalise India for purchasing Russian crude. Analysts warn the measure could threaten roughly 3.5 million barrels per day of oil supply.

Market jitters were compounded by reports of a possible meeting between President Trump and Russian President Vladimir Putin. ING commodity analysts noted that traders are watching closely, as the talks could determine whether secondary tariffs on India remain in place. The timing is critical—President Trump’s deadline for securing a Russia–Ukraine peace deal expires Friday, August 8, raising the possibility of even tougher U.S. sanctions on Moscow.

In response to the tariff threat, Indian refiners are reportedly exploring alternative supply channels. Reuters reported that two state-owned oil majors have already secured about 22 million barrels from non-Russian sources for delivery in the coming months.

There was some positive news for the market, with China’s crude imports in July rising 11.5% year-on-year to an average of 11.2 million barrels per day. However, this was still 5.4% lower than June’s 12.14 million bpd—the highest in nearly two years—when imports surged as refiners restocked after maintenance and took advantage of steep discounts on sanctioned crude.