Oil prices were stable on Thursday as market traders prepared for a potential halt to India's Russian oil imports, which could boost demand for supplies from elsewhere. Brent crude futures rose 29 cents,

For India, the savings from discounted Russian oil remain modest - under 1% of India's $900bn goods and services import bill - but still add up to a substantial $9bn.

Crude oil futures posted a third consecutive weekly loss as increased oversupply concerns and further tariff sparring between the US and China sent prices to their lowest in five months.

The shadow fleet of unmarked tankers evading international sanctions to deliver Russian crude to India and China is straining trade talks.

The share of India’s oil imports from Russia has risen significantly from 2% in 2022 to 35% now - and figures released by data and analytics firm Kpler show that in volume terms purchases have remained largely steady throughout this year.

Russian authorities had earlier declared a drone threat in the region and implemented emergency measures at Ufa airport.