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Oil markets are experiencing significant volatility as multiple geopolitical factors come into play. Brent crude approached $78 per barrel, recovering from its steepest drop since November, as protesters threatened to halt operations at Libya’s crucial Ras Lanuf and Es Sider export terminals.
This potential disruption to Libya’s oil exports coincides with President Trump’s aggressive trade stance, including plans for universal tariffs “much bigger” than 2.5% and specific threats targeting Canadian oil imports, which comprise over half of U.S. crude imports.
The situation is further complicated by existing pressures from U.S. sanctions on Russian oil and weather-related demand spikes.
Despite Trump’s calls for increased production to lower prices, OPEC and its allies are expected to maintain their current supply policy at next week’s review meeting, with planned output increases not starting until April. These factors collectively create a complex landscape for oil markets, which have already seen significant speculative activity this year.
