Continuous Stability in Oil Prices Amid Trade Tensions

SadaNews - Oil prices have stabilized following U.S. President Donald Trump's escalation of the trade war, as his threats to impose a 30% tariff on goods coming from the European Union and Mexico have impacted risk appetite and energy demand outlook.

Brent crude remained relatively unchanged, staying above $70 per barrel after gaining 3% last week, while West Texas Intermediate crude surpassed $68.

U.S. stock index futures fell following the new threats, which came after U.S. trade measures affecting countries from Canada to Brazil and Algeria last week.

Awaiting Trump's Stance on Russia

At the same time, investors are awaiting an "important statement" that Trump promised regarding Russia later on Monday, which may address the war in Ukraine and U.S. sanctions policy. Prior to that, the president told reporters on Sunday that Washington would send more weapons to Kyiv.

Oil futures remain down more than 5% since the beginning of the year, as the market is experiencing a complex phase. Geopolitical tensions in the Middle East have eased following the conflict between Israel and Iran, which has put pressure on prices, while the trade war led by the United States has escalated amid a wave of new threats from Trump.

In contrast, the "OPEC+" alliance is accelerating the return of some supplies that had previously been restricted, raising concerns of a potential supply glut.

UAE Minister of Energy and Infrastructure Suhail Al Mazrouei previously addressed these concerns in statements to "Asharq," saying: "Skepticism has been ongoing from the beginning... We always say we are closest to the market, and we are the ones selling in it... If this group (OPEC+) does not understand the market, I don't know who understands the market better than us."