On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
Oil prices grew almost 1% during early trade on Wednesday, adding to yesterday’s gains. Investors weighed new US restrictions on Iran, a decline in American crude stocks, and Donald Trump's softening stance on the Federal Reserve.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
Fatih Birol, the head of the International Energy Agency (IEA), says the energy sector is experiencing a new wave of instability due to escalating trade tensions, as reported by the Financial Times.
Chevron is moving forward with plans to ramp up oil production and reduce costs. In 2026, the company intends to boost energy output in the Gulf of Mexico by up to 300,000 barrels per day. The $1.6 billion Ballymore project will play a key role in Chevron achieving this goal.
Oil prices climbed higher in early trade on Tuesday. According to Reuters, investors took advantage of the previous day's price drop to cover short positions. However, concerns over a potential US recession driven by President Donald Trump’s tariff policies continue to weigh on the market.
Donald Trump plans to increase American energy production. The US Interior Department is drafting a new five-year leasing program, taking public input for offshore oil and gas development projects, but has not yet disclosed specific locations or timelines for these projects.
According to Bloomberg, the oil market experienced a sharp volatility increase after the announcement of new import tariffs by Donal Trump. The current situation can lead to the reduction in liquidity, and investors have already started to withdraw funds from the oil sector.
Chinese customs data released on Sunday showed a sharp decline in imports of liquefied natural gas (LNG) and wheat from the United States, with purchases falling to zero in March. Last year, the US accounted for 5% of China's fuel deliveries and 17% of its maize supplies.
According to the Energy Research Unit, in the first three months of the year, oil and petroleum products supplies from Iraq decreased by 110,000 barrels per day (bpd) year-on-year, totaling 3.7 million bpd.
The Russian Ministry of Economic Development has lowered its expectations for the average price of Brent oil in 2025 by almost 17% to $68 per barrel in contrast with the department's September forecast of $81.7 per barrel, Interfax reported.
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