Oil Prices Steady as Tariff Impacts Offset by Iranian Export Pressure

Market reactions to U.S.-China tariffs and Trump's renewed push to curb Iranian oil exports highlight shifting dynamics in global energy trade.

Oil prices saw little change after volatile trading, with Brent crude at $76.02 per barrel and WTI at $72.61, as markets adjusted to new tariffs and geopolitical pressures.
China imposed a 10% tariff on U.S. crude oil, liquefied natural gas, and coal in retaliation to U.S. levies, while analysts predict minimal long-term impact due to market reallocation.
President Trump reinstated his 'maximum pressure' campaign on Iran, aiming to reduce its oil exports to zero, potentially affecting 1.5 million barrels per day.
A 30-day delay on U.S. tariffs for Canadian and Mexican energy imports temporarily eased concerns, though a 10% tariff on Canadian oil could increase costs for U.S. refiners.
Rising U.S. crude inventories, up by 5.03 million barrels last week, added downward pressure on prices, while official government data is awaited for further clarity.