Overview

• 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.