President Donald Trump on Wednesday announced sweeping and substantial tariffs on India, one of America’s most important trading partners. In addition to a 25% tariff that is set to go into effect Thursday,

If secondary sanctions lead to a 10 percent drop in Russia’s oil exports, that could increase the price of Brent crude oil by $6 from its current level of about $71 per barrel, while a 20 percent drop could cause prices to spike by $11, Brooks and Harris wrote.

India ranks as the No. 2 importer of Russian oil since Russia’s invasion of Ukraine in February 2022, behind China, according to one research center.