Wednesday, June 25, 2025

Oil set for biggest weekly loss since October on tariff turmoil

Date:

Oil was on track for the biggest weekly decline since October as US President Donald Trump’s on-off tariffs against major trading partners injected volatility and uncertainty into global markets.West Texas Intermediate futures traded near $66 a barrel, and are down 5% so far for the week on concerns levies will dent demand. Brent closed below $70. Trump signed orders on Thursday paring back some tariffs on Mexico and Canada until April 2, just days after they came into effect.

Trump’s trade policies and retaliatory measures from targeted nations including China have rattled markets, with US crude heading for a seventh weekly drop, the longest run of declines since December 2023. A plan by OPEC+ to start reviving idled output in April has added to bearish headwinds.

The early April timing for the tariffs coincides with a date when the president is expected to start unveiling plans for so-called reciprocal duties on nations around the world. Canada says it won’t scrap its retaliatory measures if the US administration keeps any levies in place.Tankers carrying fuels from Canada destined for the US started to divert to Europe prior to the news of the delay, which led to Canadian heavy crude rallying. America is a major consumer of oil from its northern neighbor.

Separately, Treasury Secretary Scott Bessent said the US will not hesitate to go “all in” on sanctions on Russian energy if the measures help lead to a ceasefire in the Ukraine war. He made the remarks to an audience at the Economic Club of New York on Thursday.

Also Read: Asian stocks fall ahead of US nonfarm payroll data

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Cabinet approves regional centre of International Potato Centre in Agra

India is getting its own "Potato Lab". The Union...

‘Iran nuclear program set back by decades’: Donald Trump

US President Donald Trump might have repeatedly claimed that...

SECI extends bid deadline for annual green ammonia production to June 30

The Solar Energy Corporation of India (SECI) has extended...

Iran’s parliament votes to suspend cooperation with UN nuclear watchdog

Iranian lawmakers voted Wednesday in favour of suspending cooperation...