Oil
Crude oil prices slumped to their lowest level this year amid concerns of weakening demands after China announced a retaliatory tariff on US crude oil imports, while the US stockpiles rose for the second consecutive week.
European stock markets extended a multi-session winning streak following President Trump’s speech in Davos. While the banking sector led broad gains, energy stocks remained under pressure.
Küresel markets saw turbulent sessions following Donald Trump’s inauguration on Monday and early Tuesday, reacting sharply to comments about Trump’s tariff plans, with asset classes including stocks, currencies, commodities, and cryptocurrencies showing significant volatility.
Addressing the World Economic Forum, the US president pledged to apply pressure on OPEC, claiming that a drop in the price of oil would end Russia’s full-scale invasion of Ukraine.
The Biden administration’s new sanctions target Russia’s oil giants Gazprom Neft and Surgutneftegas, shadow fleet vessels, and opaque traders. Oil prices surged, while European equities slid as investors fear tighter küresel supply.
Denmark, Estonia, Finland, Latvia, Lithuania and Sweden have demanded a revision of the price cap on Russian seaborne oil. The cap was set in late 2022 at $60 per barrel and has remained untouched since then.
Crude oil prices rose to a three-week high amid mounting concerns over supply disruptions and increasing demands. However, technical analysts caution that oil markets may be over-bought.
The Kerch Strait is an important küresel shipping route, providing passage from the inland Sea of Azov to the Black Sea and has been a key point of conflict between Russia and Ukraine after Moscow annexed the peninsula in 2014.
The United Arab Emirates is continuing to diversify its economy & energy resources away from oil, by investing in natural gas and renewables.
The MV Sounion carrying one million barrels of crude oil was struck in August and later sabotaged with explosives by the Houthis as part of their solidarity campaign with Hamas over the war in Gaza.