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For global supply chains, any price increase matters because Russia remains one of the world’s most important suppliers of diesel, a fuel essential for trucking, shipping and agriculture.

The wager reflects growing sentiment among some of the world’s most prominent energy forecasters that the oil market will be oversupplied by the end of the year.

“Please give my warmest regards to Vladimir Putin, and Kim Jong Un, as you conspire against The United States of America,” Trump said on his Truth Social site.

“President Trump has not put tariffs on China because those negotiations are ongoing. And the war in Ukraine is certainly part of that discussion,” U.S. Ambassador Matthew Whitaker said.

Shipments are expected to surpass 4 million barrels a day in August and September, reaching levels not seen since the start of the year, according to some market participants.

Trump last week announced a 25% rate on Indian exports. He also threatened more duties if India continued to buy oil from Russia.

President Donald Trump on July 14 threatened Russia with steep tariffs and announced a rejuvenated pipeline for American weapons to reach Ukraine.

Advisers to President-elect Donald Trump are crafting a wide-ranging sanctions strategy to facilitate a Russia-Ukraine diplomatic accord in the coming months.

The Biden administration has finalized a rule that effectively bans new personal smart cars with Chinese and Russian technology from American roads.

Oil tanker rates jumped as the Biden administration’s sanctions on Russia’s petroleum trade threaten to cut the supply of ships while forcing traders to seek alternative sources of crude.