Trump has threatened sanctions on Moscow and secondary sanctions on countries that buy its oil if no moves are made to end the war in Ukraine. China and India are the top two buyers of Russian oil. The president last week imposed an additional 25% tariff on Indian goods, citing its continued imports of Russian oil.

US President Donald Trump on Saturday said he may have to think of retaliatory tariffs on countries buying Russian oil in two to three weeks, but doesn't have to do so right now. His remarks came shortly after he concluded his high-stakes meeting with Russian counterpart Vladimir Putin in Alaska, and briefly addressed the media alongside him.

Oil prices closed down nearly $1 on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine.