WTI crude prices rose 2.4% to settle at $61.50 a barrel on Friday, after U.S. Energy Secretary Chris Wright hinted the U.S. may block Iranian oil exports in a bid to pressure Tehran over its nuclear program. However, concerns over the U.S.-China trade dispute continue to weigh on demand expectations. China announced a sharp increase in tariffs on U.S. goods to 125%, while the White House confirmed total U.S. tariffs on Chinese imports now stand at 145%. In response, the U.S. Energy Information Administration cut its global oil demand forecast, warning that prolonged trade tensions could hurt consumption. Meanwhile, OPEC+ surprised the market by accelerating plans to increase production, raising concerns about a supply glut. With both demand and supply risks in play, oil prices remain volatile. For the week, WTI crude fell 1.26%, following a 10.6% drop in the previous period to its lowest level since April 2021. (Newsmaker23)
Source: Trading Economics
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