Crude oil prices fluctuate due to China tariffs and US sanctions on Iran

From Investing.com: 2025-02-05 00:44:00

Yesterday, prices started weaker due to China’s retaliatory tariffs against the US but rebounded later on after a tougher US stance on Iran. China’s tariffs included a 10% tariff on US crude oil and a 15% tariff on US LNG, impacting a small share of Chinese imports. President Trump signed a directive to increase pressure on Iran, risking as much as 1m b/d of supply. API numbers showed a 5m barrel increase in US crude oil inventories, above expectations. TTF prices settled lower following China’s tariffs on US LNG. The market remains nervous about storage levels in Europe.



Read more at Investing.com: Crude Oil Swings as China Imposes Tariffs and US Tightens Iran Sanctions