US Energy Secretary Chris Wright said Brent and West Texas Intermediate Crude climbed over $ 1 on Friday after ending Iran’s oil export as part of the effort to bring the United States Islamic Republic to its nuclear program.
Brent crude futures settled at $ 64.76 per barrel, $ 1.43, or 2.26%. The US West Texas Intermediate crude $ 61.50 per barrel, terminated by $ 1.43 or 2.38%. Wright’s comments were provided upwards motion For oil prices, US President Donald Trump’s new tariff regime forced traders to re -assure the geopolitical risks facing the raw market this week.
China on Friday announced that it would impose 125% tariffs on the US goods starting on Saturday, which was already declared above 84%, Trump on Thursday increased the tariff against China by 145%.
Trump stopped heavy tariffs against dozens of other trading partners this week, but prolonged disputes between the world’s two largest economies are likely to reduce global trade versions and disrupt business routes, reduce weight and oil demand on global economic growth.
According to Kayanat Chenwala, AVP-Caditty Research, Kotak Securities, “WTI crude oil wiped out all the benefits from the previous session, which was motivated by President Trump’s announcement of 90-day stagnation on newly imposed mutual tariffs for many countries. WTI is below $ 60 per barrel.”
Connecting the recession approach, the Energy Information Administration (EIA) dropped its global oil demand increase for 2025, below its previous estimate, to 900,000 barrels per day for 2025. The WTI remains under crude pressure and remains in trades near $ 60 per barrel as the US tariff was increased by 145%on sugar imports, increasing the possibility of deep vengeance and potential global economic recession, “Chenwala said.
