05:49 AM EDT, 10/16/2025 (MT Newswires) -- Oil prices climbed nearly 0.63% Thursday after multiple media reports said US President Donald Trump announced that Indian Prime Minister Narendra Modi had committed to halting oil imports from Russia.

Brent crude futures rose 0.40% to $62.16 per barrel on the ICE exchange, up 38 cents from the previous close, according to data from Bloomberg.

This gained traction after multiple media reports quoting Trump said, he had received assurances from Modi that India would halt its purchases "within a short period of time", which he called "a big stop".

Reports further quoting Trump said that India cannot "immediately" halt oil shipments, adding that the shift will be "a little bit of a process, but the process is going to be over with soon".