Oil futures recovered part of the previous day’s losses as India was expected to curtail purchases of Russian crude under a trade deal with the U.S.

President Donald Trump said he has given Iran a deadline to negotiate a nuclear deal, and that no one but Tehran knows when it is.

India had been a major buyer of Iranian oil until 2019, when imports were significantly reduced following the reimposition of US sanctions on Tehran.

India is not importing significant amounts of Iranian oil owing to US sanctions as it turned to Russia for supplies.

Trump said the fleet was larger than the one he sent to Venezuela, referring to his naval blockade of the South American country to prevent sanctioned oil tankers from leaving.

US soybean oil futures climbed as much as 3% on Tuesday after President Donald Trump unexpectedly announced a trade deal with India, in a sign of optimism that a truce could open the way for billions of dollars of American products to hit the world’s most populous nation.

India will grant the United States some limited access to its market for agricultural products but maintain key protections, officials from the two countries said on Tuesday as the outlines of a tariff-reducing trade deal between U.