Geopolitical Implications - US sanctions on India for Russian oil purchases will escalate economic vulnerabilities for India [1] - The situation will challenge India's established relationship with Russia [1]

India responded with outrage after Trump doubled tariffs on the country to 50% as a penalty for its purchases of Russian oil: Here is your Evening Briefing. https://t.co/QbgyrNKr8j ...

Trump’s additional 25% tariff on India for its purchases of Russian oil could be just the first shot he aims at Moscow’s energy revenues ahead of a Friday deadline, as the US weighs options to get Putin to end the war against Ukraine https://t.co/3elc6b7F1M ...

Financial Performance - Russia's oil proceeds in the state budget decreased by a third (approximately 33%) year-over-year in July [1] Market Dynamics - The decline is attributed to a drop in global crude prices and the appreciation of the Russian currency [1]

BP said it would launch a new cost review and evaluate its portfolio, as the oil major presses ahead with a plan to address investor concerns https://t.co/4C77VublZ3 ...

Putin doesn't appear to believe the US will follow through on threats to raise tariffs on Russian oil buyers. The White House should call his bluff (via @opinion) https://t.co/tKWBtHOkEQ ...

Financial Markets Overview - The Dow is up 12% [1] - The S&P is up almost 14% [1] - NASDAQ is surging 18% [1] - The Bloomberg MAG Seven Index is up 19% [1] - Spot gold is up eight dollars the ounce, 3371% [1] - West Texas Intermediate crude is down 15% to 6629% [1] US Economic Policy & BLS - President Trump intends to announce a new Fed Governor and BLS Commissioner soon [1] - The President alleges the Bureau of Labor Statistics (BLS) data was rigged, but no evidence has been provided [1][2] - The former BLS chief is out, and the President will nominate a replacement [1] - Congress has been starving the statistical agencies of cash for years [2] - The response rate for the first May survey, which was revised downward significantly by the third one in July, was 42%, The final number was 89% response rate [2] Federal Reserve Board - Adriana Googler's departure creates an opportunity to nominate a new Fed Governor [1] - Jay Powell could stay on as governor until 2028, even if his term as chair is over in 2026 [2] - The market would assume that whoever is chosen would be that [2] International Trade & Tariffs - President Trump said he would hike India's tariff rate for buying Russian oil [1] - India responded, saying the targeting of the country is unjustified and unreasonable and will take necessary measures to safeguard its interests [1] - The PURL is a financing mechanism worth about 500 million euros, 570 $8 million [10] US-NATO-Ukraine - The U S would be providing more weaponry to Ukraine, but that distribution would be handled by NATO, and that NATO countries would pay for it [8] - The announcement of 570 $8 million worth of American weapons, munitions going to the Netherlands and then provided to the Ukraine is a big step forward [11]

Saudi Aramco has long been the world’s biggest oil company, but this year it gained the distinction of having the worst-performing shares among its peers. While Western oil majors saw a rebound in their stock prices, Aramco has slumped 14%. https://t.co/EfyDtmXomD ...

Big Oil's crude traders, who typically enjoy volatility, don't love this new normal driven by geopolitics, writes @MitchellFerman https://t.co/lXUGhE3RNU ...

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