Crude oil falls after four straight days of gains as investors monitor Russian supply risks

[Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.]
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Crude oil futures fell sharply Tuesday, pulling back after ending higher for the previous four sessions, as the market awaits clarity on Russia-Ukraine peace talks and looming U.S. sanctions on India.

The Trump administration plans to implement tariffs of as much as 50% on India starting Wednesday - doubling the existing 25% duty on Indian exports that took effect on August 7 - over its purchases of Russian crude, a measure that could temporarily disrupt Russian energy flows, but sentiment remains pressured by OPEC+ supply increases and prospects of a record surplus next year.

Saudi Arabia and India were the largest buyers of fuel oil from Russia [https://www.reuters.com/business/energy/saudi-arabia-india-were-biggest-buyers-russian-fuel-oil-july-data-shows-2025-08-26/] in July, Reuters reported, totaling ~1.1M and ~600K metric tons.

"Given the huge amount of uncertainties in the oil market caused by the Ukrainian conflict and the tariff war, investors will remain unwilling to commit themselves to either direction on a prolonged basis," PVM Oil Associates analyst Tamas Varga said in a note, adding that he sees Brent prices bound to a $65-$74/bbl trading range for the foreseeable future.

Meanwhile, investors also will watch for any wider market fallout after Trump said he would move to fire Fed Governor Lisa Cook.

Front-month Nymex crude (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) for October delivery closed -2.4% to $63.25/bbl, and front-month October Brent crude (CO1:COM [https://seekingalpha.com/symbol/CO1:COM]) finished -2.3% to $67.22/bbl, the largest one-day dollar and percentage declines for both benchmarks since August 1.

Meanwhile, front-month Nymex natural gas (NG1:COM [https://seekingalpha.com/symbol/NG1:COM]) for September delivery ended +0.8% to $2.717/MMBtu, snapping a two-day losing streak but still the third-lowest settlement value YTD.

ETFs: (NYSEARCA:USO [https://seekingalpha.com/symbol/USO]), (BNO [https://seekingalpha.com/symbol/BNO]), (NYSEARCA:UCO [https://seekingalpha.com/symbol/UCO]), (SCO [https://seekingalpha.com/symbol/SCO]), (USL [https://seekingalpha.com/symbol/USL]), (DBO [https://seekingalpha.com/symbol/DBO]), (DRIP [https://seekingalpha.com/symbol/DRIP]), (GUSH [https://seekingalpha.com/symbol/GUSH]), (USOI [https://seekingalpha.com/symbol/USOI]), (UNG [https://seekingalpha.com/symbol/UNG]), (BOIL [https://seekingalpha.com/symbol/BOIL]), (KOLD [https://seekingalpha.com/symbol/KOLD]), (UNL [https://seekingalpha.com/symbol/UNL]), (FCG [https://seekingalpha.com/symbol/FCG]), (NYSEARCA:XLE [https://seekingalpha.com/symbol/XLE])

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