RE: Oil25 Feb 2025 17:15
Brent crude oil futures fell below $73 per barrel on Tuesday, the lowest in two months, due to US President Trump's foreign policies and broader concerns about the US economy. Trump confirmed that tariffs on Canadian and Mexican imports will begin on March 4, potentially weighing on global oil demand. Additionally, a potential peace deal with Russia could ease sanctions and increase supply. Uncertainty surrounding China's economic policies also adds pressure. However, fresh US sanctions targeting Iranian oil brokers, shipping firms, and Iran’s state oil company raise concerns about tighter supply. Iran, OPEC’s third-largest producer, pumped 3.2 million barrels per day in January. The EU and UK also imposed new sanctions on vessels transporting Russian oil.