Crude oil benchmarks went different ways at the end of Tuesday’s trading in the middle of the tariff skirmishes ensued by the Trump administration.
While tariffs against Mexico and Canada were paused for 30 days, the President resumed his first-term pressure on Iran in yet another effort to drive Iranian oil exports to zero. Reuters reported Trump signed the presidential memorandum ahead of his meeting with Israeli Prime Minister Benjamin Netanyahu, ordering the U.S. Treasury secretary to impose “maximum economic pressure” on Iran, including sanctions and enforcement mechanisms.
The Trump administration’s tariff of 10% on Chinese imports also went into effect Tuesday and Beijing responded with its own tariffs against the U.S. At one point U.S. crude prices were down more than 3%.
As a result, global benchmark Brent crude rose 24 cents or 0.32% and settled at $76.20 a barrel.
The US benchmark, West Texas Intermediate crude closed down 46 cents or 0.63% to $72.70 a barrel on the New York Mercantile Exchange.
Natural gas finished down 13 cent for a 3.94% decline to settle at $3.22.
A majority of Oklahoma energy stocks finished in positive territory on Tuesday with Vital Energy jumping more than 6%, Mammoth Energy finishing up 5% and Helmerich & Payne plus Ovintiv more than 4%.