India's stock benchmarks are set to open higher on Monday, buoyed by cooling Russian oil supply concerns after a meeting between the U.S. and Russian Presidents and an S&P ratings upgrade that affirmed the country's macroeconomic stability.

Indian exports to the US surged in recent months as companies rushed shipments ahead of potential tariff hikes announced by Donald Trump, a report said. Between April and July, exports to the US grew seven times faster than overall export growth.

Speaking to Fox News on August 17, Marco Rubio cautioned that targeting Chinese refiners would have disruptive consequences for the global oil market.

Reliance Industries , India's biggest buyer of Russian oil, has in recent weeks made rare fuel oil purchases from state-run Hindustan Petroleum Corp, seven industry sources said.

US Treasury Secretary Scott Bessent criticized European countries for purchasing Indian oil products made from Russian raw materials. He also urged EU governments to "do their part" to increase pressure on that country,

India’s purchase of Russian oil has supported US policy objectives by helping stabilise global energy prices, former US Assistant Secretary of Energy Geoffrey Pyatt told CNBC-TV18. Pyatt said New Delhi’s actions aligned with the G7 price cap framework,

India's state-run Bharat Petroleum Corp has awarded a five-month tender for 10 million barrels of U.S. oil to European trader Glencore, two people with knowledge of the matter said, aiding India's efforts to deepen energy ties with Washington.