Global markets have been gripped with uncertainty and volatility as Trump opens up trade wars on multiple fronts, with sweeping US duties met with retaliation from other countries including China and Canada. Oil futures are down more than 10% from this year’s peak in mid-January.
Trump’s new tariffs will coincide with more supply from the Organization of the Petroleum Exporting Countries and its allies, which plans to start reviving idled production next month. The group plans to increase output by 138,000 barrels a day, the first in a series of monthly hikes.
Meanwhile, Ukraine’s defense minister said talks with US officials in Riyadh on Sunday about ending Russia’s war “addressed key points including energy” as Trump pushes for a ceasefire. Delegates from the US and Russia are expected to hold separate talks on Monday.
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