Overview

• President Donald Trump unveiled new tariffs on trading partners, including the European Union, China, and South Korea, raising fears of a deepening global trade war.
• Trump reiterated threats of secondary tariffs on buyers of Russian oil and ramped up sanctions on Iran as part of his 'maximum pressure' campaign targeting their oil exports.
• Oil prices initially rose but turned negative after the tariff announcement, reflecting concerns over reduced global crude demand and economic growth.
• Russia imposed further restrictions on key oil export routes, including the Black Sea and Caspian Pipeline, adding to global supply uncertainties.
• U.S. crude inventories rose by 6 million barrels last week, according to the American Petroleum Institute, contributing to a complex supply-demand outlook.