US President Donald Trump said he is "strongly considering" supporting a proposed sanctions bill that would impose a 500 per cent tariff on countries like India and China that continue purchasing Russian energy products.

Oil prices rose on Friday, following US President Donald Trump’s announcement of an upcoming statement concerning Russia, which hinted at potential additional sanctions on the significant oil-producing nation.

US regulatory actions to ensure oil and gas pipeline safety have plummeted to a record low for the start of a presidential administration as Donald Trump pushes to streamline the government and cut red tape.

The U.S. is set to place hefty tariffs on several big energy producers—Algeria, Brazil, Iraq and Libya. So why do oil traders seem unbothered? For one thing, the executive order that accompanied Trump's April "Liberation Day" tariffs exempted energy and energy products.

Oil prices fell by around 2% on Thursday, as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth. Brent crude futures were down $1.42, or 2.02%, at $68.

"Trump has politically abandoned the so-called ‘Crazy Cubans,'" Cabello said, claiming they could be sidelined in next year's midterm elections. "Despite their lobbying for more attacks, Washington is forming a wall - a wall of containment. And it's not the kind they wanted."

Trump's big domestic policy law phases out federal support for a transition to renewable power and aims to boost fossil fuel production. President Donald Trump's One Big Beautiful Bill Act ends long-standing federal support for solar and wind power, while creating a friendly environment for oil, gas and coal production.

Brazil has logistical and commercial flexibility to preserve the competitiveness of its oil on the international market if the 50% tariff announced by U.S. President Donald Trump on Wednesday comes into effect on August 1,