Overview

• Brent crude futures held at $71.74 a barrel and U.S. WTI at $69.27 as markets digested new tariffs and sanction risks.
• U.S. President Trump’s executive order imposed 10%–41% tariffs on imports from countries that missed an August 1 deadline, raising concerns about slowed oil demand.
• Threats of 100% secondary tariffs on buyers of Russian crude have supported prices by highlighting risks of tighter global supply.
• OPEC+ raised output by 548,000 barrels per day for August and is expected to approve further increases for September.
• Persistent geopolitical risks in Ukraine and the Middle East continue to underpin a risk premium in crude prices.