Oil prices erased losses on Wednesday after U.S. Treasury Secretary Scott Bessent said sanctions against Russia or secondary tariffs could go up if Friday's meeting between President Donald Trump and Russian President Vladimir Putin does not go well.

While oil market balances look ever more bloated as forecast supply far eclipses demand towards year-end and in 2026, additional sanctions on Russia and Iran may curb supplies, the International Energy Agency said.

For years, India has balanced close partnerships with both Washington and Moscow, even throughout Ukraine war. Trump is finally demanding it picks a side