Oil Prices Close Bearish over Global Trade Uncertainties
Oil prices fell slightly this week, weighed down by renewed trade tensions, fresh sanctions on Russian energy exports, and volatile signals from US economic policy, despite uncertainties over US and other countries trade agreements.
The international benchmark Brent crude was trading at $68.53 per barrel, marking a fall of around 0.9% from last week’s closing price of $68.60 on Friday. Similarly, the American benchmark West Texas Intermediate (WTI) traded at $65.92 per barrel, a decrease of approximately 1.1% from last Friday’s close of $66.
Brent crude began the week under pressure, as markets digested the EU’s adoption of its 18th package of sanctions against Russia.
Sanctions, targeting 105 additional vessels and entities tied to Russia’s shadow fleet, raised concerns over global oil supply but also introduced significant uncertainty over enforcement and compliance.
Also, US President Donald Trump threatened to impose 100% secondary tariffs on countries continuing trade relations with Russia if no resolution to the Ukraine conflict is reached within 50 days.
NATO Secretary-General Mark Rutte, after meeting with Trump, warned countries such as China, India, and Brazil that US sanctions could “hit them very hard” if they failed to pressure Moscow into peace talks. Adding to market anxiety, Iran confirmed a new round of nuclear negotiations with the UK, France, and Germany set for July 25 in Istanbul.
The prospect of easing sanctions and renewed Iranian oil flows added more downward pressure on prices, which were already threatened by potential oversupply due to increased OPEC+ production. Analysts warned that the US administration could pursue even more aggressive trade measures, heightening perceptions of risk across global markets.
Geopolitical tensions remained high as Trump defended last month’s strikes on Iranian nuclear sites, warning of further action if provoked. Iran’s foreign minister confirmed serious damage, while Trump insisted the sites were “destroyed” and criticized media for downplaying the attack.
Oil prices were pressured midweek after Trump confirmed a trade deal with Japan, imposing a 15% tariff and securing $550 billion in Japanese investment, with potential further tariffs hinted, while the possibility of unresolved issues lingered over China and EU negotiations despite overall optimism. # Oil Prices Close Bearish over Global Trade Uncertainties Naira Closed at N1,534.72 as FX Pressure Eased
