Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Oil prices held steady on Wednesday, as traders remained cautious ahead of U.S. President Donald Trump’s tariff announcement at 2000 GMT. Concerns over potential trade war escalation and slower global demand for crude kept markets in check.
- Brent crude futures fell $0.07 (-0.09%) to $74.42 per barrel by 08:58 GMT.
- West Texas Intermediate (WTI) crude slipped $0.05 (-0.07%) to $71.15 per barrel.
Trump’s Tariffs Could Shake Global Trade and Oil Markets
- The White House confirmed on Tuesday that Trump will impose new tariffs today, but specifics remain unclear.
- The tariffs could fuel inflation, slow economic growth, and exacerbate trade disputes, affecting global crude demand.
- Potential tariffs on crude imports may increase refined product prices, further unsettling markets.
For weeks, Trump has promoted April 2 as “Liberation Day”, with expectations that new duties will reshape global trade dynamics.
The official announcement is scheduled for 4 p.m. ET (2000 GMT).
U.S. Sanctions on Russia and Iran Add to Oil Market Uncertainty
- Trump has threatened secondary tariffs on Russian oil, adding further supply-side concerns.
- On Monday, the administration tightened sanctions on Iran, reinforcing its “maximum pressure” strategy to curtail Iranian exports.
U.S. Oil Inventories Show Mixed Signals
- The latest data on U.S. crude and fuel stockpiles suggests an uncertain supply-demand outlook, with conflicting indicators in the world’s largest producer and consumer of oil.
As the market awaits Trump’s official tariff details, oil traders remain on edge, bracing for potential disruptions to global supply chains and energy markets.
