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OIL: Crude Weighs Impact of US Tariffs and Sanctions

OIL
BulletEnergy BulletsCommodities

Crude is set for a net weekly gain following a weaker dollar and delays to Trump’s reciprocal tariffs and supported by signs of tightening supply due to sanctions on Russia.

  • Signs of easing Israel/Hamas tensions and ‘imminent’ Ukraine peace talks had caused prices to pull back from a peak mid week.
  • President Trump signed a measure proposing tariffs on numerous trading partners, assessing tariffs on a country by country basis. Reciprocal tariffs will not go into effect today and are time-delayed until April 1, CNBC reports.
  • Floating Russian and Iranian barrels have hit multi-month highs on harsher U.S. sanctions as buyers fear pulling in cargoes.
  • 94 of the 154 active tankers sanctioned by the US on Jan. 10 are now idle, Bloomberg reports.
  • IEA projected a narrowing oil surplus with a modest revision in global oil demand growth up to average 1.1 mb/d in 2025, up from 870 kb/d in 2024 and with reduced output forecasts for Russia and Iran given US sanctions.
  • US diesel cracks have followed the crude market moves this week to continue a trend higher since late January while gasoline cracks have remained rangebound through the week.
    • Brent APR 25 up 0.5% at 75.42$/bbl
    • WTI MAR 25 up 0.5% at 71.63$/bbl
    • Brent APR 25-MAY 25 up 0.04$/bbl at 0.4$/bbl
    • Brent JUN 25-DEC 25 up 0.09$/bbl at 2.46$/bbl
    • US gasoline crack down 0$/bbl at 17.26$/bbl
    • US ULSD crack up 0$/bbl at 31.62$/bbl
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Crude is set for a net weekly gain following a weaker dollar and delays to Trump’s reciprocal tariffs and supported by signs of tightening supply due to sanctions on Russia.

  • Signs of easing Israel/Hamas tensions and ‘imminent’ Ukraine peace talks had caused prices to pull back from a peak mid week.
  • President Trump signed a measure proposing tariffs on numerous trading partners, assessing tariffs on a country by country basis. Reciprocal tariffs will not go into effect today and are time-delayed until April 1, CNBC reports.
  • Floating Russian and Iranian barrels have hit multi-month highs on harsher U.S. sanctions as buyers fear pulling in cargoes.
  • 94 of the 154 active tankers sanctioned by the US on Jan. 10 are now idle, Bloomberg reports.
  • IEA projected a narrowing oil surplus with a modest revision in global oil demand growth up to average 1.1 mb/d in 2025, up from 870 kb/d in 2024 and with reduced output forecasts for Russia and Iran given US sanctions.
  • US diesel cracks have followed the crude market moves this week to continue a trend higher since late January while gasoline cracks have remained rangebound through the week.
    • Brent APR 25 up 0.5% at 75.42$/bbl
    • WTI MAR 25 up 0.5% at 71.63$/bbl
    • Brent APR 25-MAY 25 up 0.04$/bbl at 0.4$/bbl
    • Brent JUN 25-DEC 25 up 0.09$/bbl at 2.46$/bbl
    • US gasoline crack down 0$/bbl at 17.26$/bbl
    • US ULSD crack up 0$/bbl at 31.62$/bbl