Oil Prices Dip Amidst Stockpile Rise and Trade War Concerns
Brent crude futures fell 0.51% to $75.81 per barrel, while WTI crude lost 0.36% to $72.44. This decline counters President Trump's efforts to eliminate Iranian crude exports.
U.S. Stockpile Data Weighs on Market
Unexpectedly high U.S. crude inventories reported by the API indicate weakening consumption, adding to concerns about the impact of tariffs on global economic outlook and energy demand.
Trade War Concerns Linger
China's retaliatory tariffs on U.S. energy imports have sparked worries despite analysts suggesting limited impact due to alternative markets.
Iran's Oil Exports Targeted
President Trump has reinstated his "maximum pressure" campaign on Iran, aiming to cut its oil exports to zero. This could affect approximately 1.5 million barrels per day of oil exports.
Cautious Optimism
While bearish sentiment remains, the crackdown on Iran may stabilize oil prices and lead to a potential recovery in the near term.