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Global oil markets are experiencing significant volatility as traders navigate President Trump’s aggressive trade policy initiatives, with Brent crude oscillating around $78 per barrel.
The latest market turbulence stems from Trump’s swift actions against Colombia, where threatened tariffs were quickly suspended after Bogota agreed to presidential demands. This follows a broader pattern of Trump’s trade confrontations with major economies, including China, Canada, Mexico, and the EU, while simultaneously pressing OPEC to lower prices to impact Russian oil revenues.
Despite these geopolitical pressures, oil prices have maintained strength since the year’s start, bolstered by several factors: cold weather impacts, Russian oil sanctions driving Asian buyers to seek alternatives, and robust physical market demand reflected in strong timespreads. The market is also processing supply-side developments, with Iraq’s Rumaila field facing a 300,000 barrel per day reduction due to fire damage, while Kazakhstan achieves record production exceeding 2 million barrels daily.
