Oil prices have crashed lower than in the aftermath of US President Donald Trump’s “Liberation Day” address. No country has yet managed to negotiate a new trade deal with Washington to avoid punishing reciprocal tariffs, although South Korea is apparently closest. Since charges of up to 50% could be reimposed at any moment, Trump’s ongoing trade war and diplomatic retreat from the world’s stage weigh heavily on market sentiment. The long-delayed signing of a minerals deal between Washington and Kyiv brought the end of Russia’s war in Ukraine slightly closer by providing some US security guarantees.
