Overview

• President Trump reiterated threats of secondary tariffs on Russian oil buyers and potential bombings of Iran if no nuclear agreement is reached.
• Oil prices hover near five-week highs, with Brent crude at $74.86 per barrel and WTI at $71.56, as markets assess supply risks and demand concerns.
• Global economic slowdowns, worsened by U.S. tariffs and trade tensions, are expected to reduce fuel demand, according to analysts.
• OPEC+ is set to review production policy on April 5, with plans to proceed with a May production hike of 135,000 barrels per day.
• Supply concerns are heightened by Russia's restriction of Kazakhstan's oil export terminal, potentially reducing Kazakhstan's oil output.