Oil prices paused after last month’s rally, with Brent slipping below $75 a barrel as traders braced for impending US tariff measures. President Trump is expected to announce the new tariffs Wednesday, with immediate effects.
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Among the options under discussion are a tiered tariff system or a reciprocal approach targeting specific countries. Analysts warn that uncertainty over these measures could weigh on oil prices.
Meanwhile, US sanctions on Russia and Iran threaten supply, while OPEC’s production boost raises fears of a future glut. In addition, US crude inventories jumped by 6 million barrels last week, with Cushing stockpiles seeing their biggest build since January 2023.
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