Crude has had a rocky start to the year, first rising on cold weather and an earlier round of sanctions from the US, then falling over tariff concerns after US President Donald Trump took office. Levies that are scheduled to hit Canada and Mexico next month — moves that could potentially ensnare shipments of crude, raising costs — were still “on time,” Trump said in a press conference.
Beyond Iran, traders are contending with a host of supply issues. While OPEC and its allies are widely expected to delay raising output once again, Iraq is pushing to restart pipeline flows from Kurdistan, and negotiations over ending the war in Ukraine may impact shipments of Russian crude.
In London, the International Energy Week conference will begin later Tuesday, with speakers including the International Energy Agency’s Fatih Birol and executives from a range of energy majors set to offer more on the outlook.
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