Onyx Research Associates Mita Chaturvedi, Martha Dowding, and Vincent Wu join Group Head of Research Harry Tchilinguirian to discuss the direction of oil prices in the wake of a volatile week of Trump tariffs.

Traders are on edge after the US' decision to delay tariffs on oil imports from Mexico and Canada. China has also responded, introducing selective tariffs on U.S. coal and LNG. Brent was sitting just under $75/bbl at time of recording, and while the postponement eased immediate concerns, there’s still a chance these tariffs could resurface.

The team discuss Trump's plans to ramp up economic pressure on Iran and limit its oil exports. The effectiveness of this proposed policy is questionable, given that much of Iran’s oil is still making its way to China despite sanctions. They also discuss how refining margins and gasoline prices could be affected, especially as U.S. refiners are built to handle heavier crude from Canada and Mexico. Looking ahead, the team give their Brent forecasts.

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