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Crude prices jumped after the sanctions announcement, but market reaction has been muted amid confusion over just how seriously the White House would enforce the new measures.

Oil prices spiked after the U.S. announced new sanctions on Russia's oil industry in an attempt to get President Vladimir Putin to the negotiating table and end Moscow’s brutal war on Ukraine.

The change, which has not been confirmed by the Indian government, would boost Trump's efforts to pressure Moscow to negotiate an end to the war in Ukraine.

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.