Overview

• Oil prices steadied early Friday with Brent at $68.83 and WTI at $66.83 per barrel after a more than 2% drop on tariff and demand concerns.
• President Trump announced a 35% tariff on Canadian imports starting August 1 and signaled broader levies on Brazil and key metals, stoking worries about global growth.
• OPEC trimmed its medium-term outlook by projecting 106.3 million barrels per day in 2026 demand, down from last year’s 108 million forecast, while extending growth through 2029.
• U.S. crude inventories unexpectedly rose by 7.1 million barrels to 426 million for the week ended July 4 even as gasoline consumption jumped 6% to 9.2 million barrels per day.
• Renewed Houthi militia attacks in the Red Sea sank two ships this week, rescuers pulled six crew members alive and 15 remain missing, lifting shipping risk premiums.