Oil prices are once again under pressure as supply concerns continue unabated, with a scarcity of bullish catalysts to counteract them. The future of the U.S.-China import tariff war will define energy prices of the upcoming months as the Trump administration’s 145% tariff on China (and the reciprocal 125% from Beijing)WILL SOON END.
Brent prices have dipped below $65 per barrel again as the seemingly inopportune bluff of Saudi Arabia and other OPEC+ countries to unwind even more production into the summer months depresses market sentiment. A potential Russia-Ukraine negotiations breakthrough or a rapprochement between the US and Iran will end in military action.
The White House imposed sanctions on three tankers delivering oil and refined products to Yemen’s Houthis, with the Tulip, Maisan, and White Whale vessels routinely shuttling to the port of Ras Isa, as the Trump administration ramps up pressure on them.
Iraq’s top political brass met with Syrian President Ahmed al-Sharaa this week to discuss restoring the Kirkuk-Baniyas oil pipeline, out of operation since 2003 when it was damaged by US airstrikes, seeking to avoid intermediaries in supplying the Syrian market.
At least six tankers have been queuing next to Venezuela’s oil ports, including 5 vessels chartered by Chevron and one by trading firm Vitol, as the Latin American country is bracing for the May 27 expiry of the US oil major’s production license.