Crude oil futures stabilized on April x, xxxx, following the market was on edge ahead of Trump’s additional tariffs uncertainty. For the last two weeks, crude oil prices have been on a higher trajectory due to geopolitical tensions and potentially strained supply due to additional US sanctions on Iranian and Venezuelan crude oil exports. However, entering April xxxx, the declaration by US President Trump to impose reciprocal tariffs on trading countries impacted the crude oil market significantly.
Key Takeaways:
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The crude oil prices were impacted following Trump’s reciprocatory tariffs announcement.
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US tariff disputes could create a global recession and a decline in oil demand.
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Several OPEC+ members announced that they will increase crude oil output.
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Crude oil futures have climbed since mid-March due to US sanctions on Iranian and Venezuelan exports.
As per ChemAnalyst, crude oil prices are expected to decline in the upcoming weeks due...
