Trump has also targeted Brazil with a 50 per cent tariff over what he has termed as a “witch hunt” against former Brazilian President Jair Bolsonaro, who is seen as an ally of Trump.

Sky-high US tariffs are prompting India and Brazil to explore opportunities to boost oil trade, as New Delhi looks for alternatives to Russian oil, while Brazil scouts for newer markets for its growing crude output,

Beijing and New Delhi continue to defy U.S. sanctions on Russian crude, much of which is funneled through a growing fleet of untracked "ghost ships."

Brent crude prices could climb to $80 per barrel in the coming months amid escalating tensions between the United States and Russia, predicts oil market analysts. The forecast came after US President Donald Trump issued a deadline for Russia to end the war in Ukraine,