US EditionOil prices climb 2% to 5-week high
- On Monday, oil prices climbed roughly 2% to reach a five-week high, with Brent futures at $74.75 a barrel at 1616 GMT and US West Texas Intermediate crude rising to $71.48.
- The price increase is likely influenced by several factors, including threats from Donald Trump regarding potential tariffs on Russian oil and military action against Iran, as well as concerns about the revocation of Repsol's license to export oil from Venezuela which could limit world oil supplies.
- Contributing factors include signs of rising demand in China, where manufacturing activity has expanded, and a snag in talks to restart Kurdish oil exports through the Iraq-Turkey pipeline due to a lack of clarity over payments and contracts.
- President Trump said on Sunday he was 'pissed off' at Vladimir Putin and threatened secondary tariffs of 25%-50% on buyers of Russian oil if he felt Moscow was hindering efforts to end the war in Ukraine, though some analysts believe Trump may not follow through with these threats.
- UBS analyst Giovanni Staunovo noted a rising risk of larger supply risks down the road, and Nomura Securities economist Yuki Takashima expects WTI to stay in a range of $65 to $75 as the market assesses the impact of Trump's tariffs on oil supply and the global economy.
41 Articles
41 Articles
Oil prices surge on US threats against Russia, Iran amid trade war concerns
The market will be watching for weekly inventory data from US industry group the American Petroleum Institute later on Tuesday, ahead of official statistics from the Energy Information Administration on Wednesday
The oil markets are worried about the latest round of Trump's tariff threats
US President Donald Trump threatened to hit Russia and Iran with secondary tariffs.Chip Somodevilla/Getty ImagesOil prices rose after Trump threatened secondary tariffs on Russian and Iranian oil buyers.The tariffs could deter countries like China and India from buying Russian and Iranian oil.Analysts still largely expect continued pressure on oil prices due to macroeconomic concerns.Oil prices are up this week after US President Donald Trump on…
Oil Price
energynewsbeat.coWTI Soars Nearly 3% on Trump’s Russia, Iran Threats
Oil prices jumped on Monday morning on fears Trump will follow through on more tariff threats for buyers of Russian oil, combined with the prospect of a military response to Iran.
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