1 day Ago By Qatar Tribune
Qatar tribune Brent and West Texas Intermediate crude climbed more than $1 on Friday after U.S. Energy Secretary Chris Wright said the United States could end Iran’s oil exports as part of an effort to bring the Islamic Republic to terms over its nuclear program.
Brent crude futures settled at $64.76 a barrel, up $1.43, or 2.
26%. U.S.
West Texas Intermediate crude finished at $61.50 a barrel, up $1.43 or 2.
38%. Wright’s comments provided upward momentum for oil prices, following volatile price swings last week as U.S.
President Donald Trump’s new tariff regime forced traders to reassess the geopolitical risks facing the crude market. China announced on Friday it will impose a 125% tariff on U.S.
goods starting on Saturday, up from the previously announced 84%, after Trump raised tariffs against China to 145% on Thursday. Trump last week paused heavy tariffs against dozens of other trading partners, but a prolonged dispute between the world’s two biggest economies is likely to reduce global trade volumes and disrupt trading routes, weighing on global economic growth and reducing demand for oil. Although the implementation of some tariffs, excluding those on China, was delayed by 90 days, the market damage had already been inflicted, leaving prices struggling to regain stability, analysts said.
The U.S. Energy Information Administration on Thursday lowered its global economic growth forecasts and warned that tariffs could weigh heavily on oil prices.
It reduced its U.S. and global oil demand forecasts for this year and next year.
Asian spot prices slip to 8-month low on weak demand, recession concerns Asian spot liquefied natural gas (LNG) prices slid to an over eight-month low last week, weighed by weak demand, high stocks and concerns of a global recession triggered by U.S. President Trump’s implementation of worldwide tariffs.
The average LNG price for May delivery into north-east Asia was at $12.50 per million British thermal units (mmBtu), the lowest level since late July, industry sources estimated. Asian LNG prices are under pressure amid weak seasonal demand, high inventories and recession concerns tied to elevated U.
S.-China trade tensions, analysts said. While the 90-day tariff pause by the U.
S. has sparked optimism, it is limited, and the continuation of tariffs on Chinese goods keeps market sentiment cautious. LNG importers in China, the world’s top buyer of the fuel, are re-selling U.
S.-sourced cargoes as the tit-for-tat tariffs drive up import costs. China’s halt in U.
S. LNG imports is likely to continue, while muted gas demand growth will curb incremental LNG demand. In Europe, demand has still held strong relative to Asian demand during the price fall last week, with the west African inter-basin arbitrage holding closed as Angola LNG sold a spot cargo to France instead of Asia.
Meanwhile, the U.S. front month arbitrage to north-east Asia via the Cape of Good Hope briefly reached breakeven levels on Monday amid the U.
S. tariff announcements, before closing out and pointing to Europe again. — By The Al-Attiyah Foundation Copy 13/04/2025 10.
