Tariffs on Indian exports to the United States will surge to 50 percent by late August, as part of an effort by President Trump to pressure Russia into resolving its war in Ukraine.

India, which now faces among the highest tariff rates imposed by the US, called the levy "unjustified and unreasonable".

If secondary sanctions lead to a 10 percent drop in Russia’s oil exports, that could increase the price of Brent crude oil by $6 from its current level of about $71 per barrel, while a 20 percent drop could cause prices to spike by $11, Brooks and Harris wrote.

President Donald Trump highlighted “great progress made” in a meeting between his envoy and Russian President Vladimir Putin, while still leaving open the possibility of further penalties on Moscow’s oil revenues.

The Kremlin says Russian President Vladimir Putin has held talks with U.S. President Donald Trump’s special envoy Steve Witkoff, days before the White House’s deadline for Russia to reach a peace deal

The envoy, Steve Witkoff, passed along “signals” from President Trump, according to an aide to President Vladimir V. Putin. Mr. Witkoff was making his fifth visit to Russia this year.