Indian refiners are seeking crude for November delivery. After the US last week signed a broad sanctions bill into law, the threat of new punitive tariffs has increased, which could prompt Indian refiners to reduce purchases of Russian crude. India, the world’s third-largest crude buyer, has in recent months imported more than half its crude from Russia to offset high oil prices and ongoing Middle East supply disruptions. Sources say major Indian refiners have begun actively seeking alternative

Fed’s Goolsbee warned the Fed cannot ignore repeated, persistent supply shocks and may need to respond in ways that cause economic pain. He said supply shocks are occurring more frequently, with greater magnitude and longer duration, and if they prove persistent the argument for ‘‘ignoring’’ them no longer holds. Policy responses to supply-driven inflation need not be as aggressive as for demand overheating, but the adjustment will not be painless, he added, noting stagflationary shocks force a painful trade-off between employment and inflation and the only route back may be a hard one.

India and Canada will hold the next round of trade talks on Oct. 5, the Indian trade minister said.