London February 25 2025: Oil prices dipped on Tuesday, buffeted by U.S. President Donald Trump’s foreign policies as he juggles a push for peace in Ukraine, a tariff war with former allies and more sanctions on Iran.
Brent crude futures were down 57 cents, or 0.8%, to $74.21 a barrel by 1301 GMT. U.S. West Texas Intermediate crude futures lost 53 cents, also 0.8%, to $70.16 a barrel. Both contracts gained in Monday’s session after a $2 drop last Friday.
A Trump peace deal with Moscow “foreshadows the lifting of Russian sanctions, potentially welcoming unfettered Russian supply back to the market,” said Tamas Varga with oil broker PVM.
Trump has also overseen fraying U.S. relationships with its neighbours Canada and Mexico and European allies.
U.S. President Donald Trump said on Monday that tariffs against Canadian and Mexican imports scheduled to start on March 4 are “on time and on schedule” despite efforts by the two trading partners to address Trump’s concerns about border security and fentanyl. Analysts say the tariffs would be bearish for global oil demand growth.
