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Today, the WTI crude oil closed to settle at $ 0.14 to $ 67.20 per barrel.
The September Month Brent crude contract was last seen today, below $ 69.17 per barrel, below $ 0.11.
As the countries run to sign trade deals with the US, the US Commerce Secretary said “nothing stops countries from talking to the US after 1 August.”
Investors are worried that heavy tariffs can block international trade and reduce the demand for oil and energy.
Last Friday, as a way to express solidarity with Ukraine, the European Union unveiled restrictions on oil supply from Russia to target the country’s capacity to increase revenue from its oil and energy sector.
In its 18th ban package, the European Union agreed to reduce the price cap on Russian oil from 15% to $ 47.60 to $ 60.00.
In addition, restrictions targeted the “shadow fleet ships”, used to transfer Russian crude oil, as well as a major Indian refinery (Nair Energy Limited) with a ban on the ban on the Refinery (Nair Energy Limited).
Last week, US President Donald Trump had threatened 100% sanctions (or secondary tariffs) to oil importing countries from Russia as a pressure strategy to end the 3-Plus-year Russia-Ukraine war. He gave a 50-day grace period for the two countries, although to agree to a ceasefire.
But in response, a Russian spokesperson said Russia had created immunity for Western sanctions.
As the Israeli-Iran struggle ended with a ceasefire on 24 June, Iran’s reluctance to overcome its nuclear power continued the heat.
Iran and three European countries (Britain, France and Germany) are set to hold a sub-level nuclear dialogue to discuss the matter in Istanbul on 25 July. Western countries have threatened Iran to reach a settlement or face new sanctions.
According to data from last week’s Baker Hughes Company, crude oil rigs in the US had come down from 424 to 18 July in the last week to 422.
Joint organization data initiative (JODI) data showed that Saudi’s crude oil exports (6.191 million BPD) became their highest in May.
On 5 July, OPEC+ Alliance agreed to promote production in August 5,48,000 barrels per day, with a fourth consecutive monthly increase. This was beyond the expectations of the analyst. The alliance is expected to increase production in September.
In the Middle East, two wholesale carriers – MV Magic Ceeel and MV Eternity C – in the Red Sea, two weeks ago, by the Hurti rebels of Yemen, and the attacks on the ports of Israeli renew new stresses.
In addition, the drone attack on the oil areas in Kurdistan in Iraq is believed to have been a scare for geo -political tensions and oil trade and transit, disrupting production by Iranian militia last Friday.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
