Oil prices plummeted on Tuesday due to increased US tariff concerns. The WTI price plunged from $70.9 to $69.1 per barrel. If oil prices retreat, they may encounter support near $67.0 per barrel, while resistance may be found near $73.1 per barrel.
US President Donald Trump has been using threats of imposing trade tariffs as a negotiation tool to further his agenda with other countries. He has threatened to announce reciprocal tariffs on many countries, which would raise US import taxes to match those imposed by the country’s other trading partners.
Trump reaffirmed this week that he intends to impose 25% tariffs on Canada and Mexico. Trump’s plans to do so were postponed for a month after both countries agreed to tighten border activities. However, Trump stated that he intends to proceed with the tariffs on March 4. If Trump implements these heavy tariffs, global inflation is likely to rise, and the economic outlook will worsen, putting pressure on oil prices.
US President Donald Trump and Russian President Vladimir Putin met in Riyadh, Saudi Arabia last week, but the meeting was fruitless, driving oil prices up. At the same time, Ukrainian drone attacks have damaged a key Russian oil pipeline in Kazakhstan, disrupting oil supply and boosting oil prices.
Supply concerns are also supporting oil prices. On Monday, the US government imposed new sanctions on Iranian oil exports, driving up oil prices. In addition, Iraq reaffirmed its commitment to limit oil production according to OPEC regulations.
High central bank interest rates keep oil prices in check. The US Federal Reserve held interest rates steady at its January meeting after delivering three consecutive rate cuts in 2024. FOMC policymakers voted unanimously to maintain the federal funds rate at 4.25% to 4.50%.
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Written by:
Myrsini Giannouli
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