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Oil is rising on expectations of Trump's actions on Russian oil and Iran

Kyiv • UNN

 • 45780 views

Oil prices rose due to investor fears after Trump threatened to impose secondary duties on Russian oil and warnings to Iran. Analysts believe that Trump may not fulfill his threats.

Oil is rising on expectations of Trump's actions on Russian oil and Iran

Oil rose in price on Monday amid investor caution after US President Donald Trump threatened to impose secondary duties on buyers of Russian oil and warned Iran of possible military action if it does not agree to a deal on its nuclear program, Reuters reports, UNN writes.

Details

More active futures on June Brent crude rose 43 cents, or 0.59%, to $73.19 a barrel by 13:22 GMT (16:22 Kyiv time), while US West Texas Intermediate crude rose 47 cents, or 0.68%, to $69.83 a barrel. The near-month Brent future, trading at $74.27, expires later on Monday.

Oil prices fell at the start of the session, then recovered and stabilized at current levels.

"(Trump's) threat of secondary duties on Russian and Iranian oil is a factor that oil market participants are watching, although he has made it clear that he does not plan to introduce them yet," said UBS analyst Giovanni Staunovo. - But in the future, the risk of larger supply risks is growing."

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China and India are the main buyers of Russian crude oil, and their tacit consent, as indicated, will be critical to ensure that any package of secondary sanctions seriously hits exports from the world's second largest oil exporter.

Trump also threatened Iran on Sunday with bombings and secondary duties if Tehran does not reach an agreement with Washington on its nuclear program.

Iran's Supreme Leader rejected Trump's threat, but promises retaliation in case of bombing31.03.2025, 12:40 • 35841 view

Some analysts believe that Trump may not fulfill his threats, which limits oil prices.

IG analyst Tony Sycamore said the market feels that Trump will not go for it. According to him, if duties are adopted, they will become another step towards a trade war that will affect global growth and demand for crude oil.

On Monday, several Chinese traders were not concerned about the latest threat. Three who spoke to Reuters said that Trump's constant balancing on the brink means they have not taken his words into account.

"We expect WTI to remain in the $65 to $75 range for now, amid the market's assessment of the impact of Trump's duties on oil supplies and the global economy, as well as the supply situation from the US and OPEC+", said Yuki Takashima, an economist at Nomura Securities.

At the same time, negotiations to resume exports of Kurdish oil via the Iraq-Turkey pipeline have hit a snag, as there remains a lack of clarity regarding payments and contracts, two sources directly familiar with the matter told Reuters.

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