Oil prices settled 1% higher on Wednesday as investors focused on developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil.

President Donald Trump says the United States and India are still negotiating on trade despite new tariffs slated to begin in a few days.

The Kremlin said on Wednesday it continues to monitor statements by U.S. President Donald Trump regarding sanctions against Moscow, but that Russia had acquired immunity to such measures thanks to long experience.

Trump in July set a 50-day deadline for the agreement with Ukraine, threatening tariffs if a deal was not made. On Monday, during his meeting with U.K. Prime Minister Keir Starmer, he said he was shortening this deadline to “10 or 12 days.”

Earlier this month, Trump set a 50-day deadline for Russia to accept a ceasefire. Failure to do so, the president said, would prompt punishing new economic measures, among them secondary sanctions on nations doing business with Moscow.

The US will impose 25% tariffs on goods imported from India "plus an unspecified penalty" for buying Russian oil and weapons, President Donald Trump has said.

NEW DELHI (Reuters) -Indian opposition parties criticised the government on Thursday, describing U.S. President Donald Trump's threat of a 25% tariff as a diplomatic failure for New Delhi, while the rupee currency tumbled and equity indexes slid in response to the news.