Trump's tariffs continue to cast a shadow over oil prices

Oil prices today, March 11, ending the first trading session of the week (March 10), oil prices fell more than 1% due to concerns that US tariffs on Canada, Mexico and China will slow the economy worldwide and cut energy demand, while OPEC + increases supply.

Oil prices today, March 11. At the end of the session on March 10, oil prices fell more than 1% due to concerns about US tariffs on Canada, Mexico and China. (Source: Reuters)

Brent crude fell $1.08, or 1.5%, to $69.28 a barrel. WTI crude fell $1.01, or 1.5%, to $66.03 a barrel.

Last week, WTI oil recorded its seventh weekly decline, the longest losing streak since November 2023, while Brent oil prices fell for the third consecutive week.

According to Reuters, US President Donald Trump's protectionist policies have disrupted markets around the world . Mr. Trump has imposed and then postponed tariffs on Canada and Mexico, the two largest oil suppliers to the US, while also raising tariffs on goods imported from China. In response, Beijing has imposed 10% - 15% tariffs on US agricultural exports and imposed export and investment controls on 25 US companies.

“The market is in a state of stress and there is a lot to process moving forward,” said John Kilduff, a partner at Again Capital in New York. The talk of a U.S. recession paints a worrying macro picture, the analyst said.

Last week, US Commerce Secretary Howard Lutnick said that Mr. Trump would not ease tariff pressure on Mexico, Canada and China.

Investors are now concerned that an economic recession could curb demand for oil.

Also last week, on March 7, Russian Deputy Prime Minister Alexander Novak said that OPEC+ had agreed to start increasing oil production from April, but could reverse the decision later if the market became unbalanced.

On the supply side, Mr Trump is seeking to choke off Iranian oil exports as part of his efforts to pressure Tehran to curb its nuclear programme. Iran’s Supreme Leader Ayatollah Ali Khamenei said on March 8 that Iran would not be bullied into negotiations.

Possible sanctions against Iran and Russia could provide support for oil in the short term, according to PVM analyst Tamas Varga.

Looking at the big picture, prolonged uncertainty could make any oil price rally short-lived, analyst Varga said.

Last week, in the trading session on March 7, oil prices regained some of their “losses”, recovering from a six-month low, after Mr. Trump announced that the US would increase sanctions on Russia if the country did not reach a ceasefire agreement with Ukraine.

The US is also exploring ways to ease sanctions on Russia's energy sector if Moscow agrees to end its conflict with Ukraine.

Later this week, investors will assess monthly reports from the International Energy Agency and OPEC for supply and demand forecasts.

Domestic retail prices of gasoline on March 11 are as follows:

E5 RON 92 gasoline is not more than 19,961 VND/liter.

RON 95-III gasoline is not more than VND 20,402/liter.

Diesel oil not more than 18,333 VND/liter.

Kerosene not more than 18,573 VND/liter.

Fuel oil not exceeding 17,150 VND/kg.

The above domestic retail prices of gasoline and oil will be adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price adjustment session on the afternoon of March 13. Since world gasoline and oil prices decreased by approximately 4% last week, domestic gasoline and oil prices are likely to continue to decrease. However, domestic gasoline and oil prices may reverse if world gasoline and oil prices increase sharply in the coming trading sessions.

In the most recent price adjustment, the price of E5 RON 92 gasoline decreased by 697 VND/liter, RON 95-III gasoline decreased by 710 VND/liter, kerosene decreased by 762 VND/liter, diesel decreased by 624 VND/liter, and fuel oil decreased by 465 VND/kg.

Source: https://baoquocte.vn/gasoline-price-today-113-tax-quan-cua-ong-trump-tiep-tuc-phu-bong-gasoline-price-to-307074.html