Trump has threatened 100% ‘secondary tariffs’ on likes of India and China, which experts warn could cause a global spike in oil prices

U.S. President Donald Trump's threat to choke off Russia’s oil revenue via secondary sanctions would deal a hammer blow to Moscow's finances, but markets are betting that the risk of higher energy prices will keep Washington from following through.

A decrease in crude oil held worldwide on tankers is bullish for oil prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -4.6% w/w to 78.03 million bbl in the week ended July 11.

WTI crude oil (CLQ25) on Monday closed down -1.47 (-2.15%), and August RBOB gasoline (RBQ25) closed down -0.0216 (-0.99%). Crude oil and gasoline prices today fell from 3-week highs and fell sharply on speculation that President Trump's tariff policies will slow global economic growth and energy demand.

Former U.S. President Donald Trump’s energy policy pressures Saudi Arabia to keep oil prices within a tight range. With Saudi Arabia’s fiscal breakeven at ~$90 Brent, Aramco is facing financial strain.

Oil prices extended losses in evening trade as traders digest the latest U.S. inventory data and a report that President Trump is likely to fire Fed Chair Jerome Powell.

Oil prices dropped by less than 1% on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the war in Ukraine and avoid sanctions eased concerns about any immediate supply disruption.