- Oil steady as tariffs come back into play
- The WTI prompt-month contract fell $0.03 to $67.90/Bbl Tuesday morning (7:45 AM CT)
- Traders are now weighing the next wave of tariffs as the Trump administration postponed the imposition of tariffs until August 1
- President Trump has announced a 25% tariff on Japan and South Korea
- Kazakhstan, and their crude oil, will also face a 25% tariff
- According to Bloomberg, deals with India, the EU and Taiwan were nearly completed at the start of the week
- Houthis continue attacks on ships in Red Sea (Bloomberg)
- According to the UK Maritime Trade Operations, Houthis caused extensive damage to a vessel traveling through the Red Sea causing it to lose all propulsion
- Vessels are being targeted for calling out to Israeli ports in the past
- The attacks could discourage vessels from using the route, increase freight rates and insurance costs
- Exxon sees $1.5 B earnings hit (Bloomberg)
- The supermajor expects lower oil and gas prices to reduce the company’s earnings by $1.5 B
- Shell also announced it expected to take a hit in 2Q due to weaker performance from its trading operations
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