{"id":52872,"date":"2025-03-24T21:00:03","date_gmt":"2025-03-24T21:00:03","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-black-sea-ceasefire-hopes-impending-tariffs"},"modified":"2025-05-05T15:59:45","modified_gmt":"2025-05-05T15:59:45","slug":"oil-down-amid-black-sea-ceasefire-hopes-impending-tariffs","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-down-amid-black-sea-ceasefire-hopes-impending-tariffs","title":{"rendered":"Oil down amid Black Sea ceasefire hopes, impending tariffs"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices fell on Monday as investors weighed the potential impact of US-brokered Russia-Ukraine peace talks, while concerns about the global economy remained due to impending US reciprocal tariffs.<\/p>\n

The international benchmark, Brent crude, decreased by around 0.36% trading at $71.46 per barrel at 11.40 a.m. local time (0840 GMT), down from $71.72 at the previous session’s close.<\/p>\n

The US benchmark, West Texas Intermediate (WTI) declined by about 0.37%, settling at $68 per barrel, compared to its prior session close of $68.25.<\/p>\n

Investors are closely monitoring US-brokered Russia-Ukraine peace talks, which, if successful, could boost Russian oil supply, while a US delegation is pursuing a Black Sea ceasefire in meetings with Russian and Ukrainian officials.<\/p>\n

Ukraine held “productive” talks with a US delegation in Saudi Arabia, Defense Minister Rustem Umerov said Sunday on X, highlighting discussions on key issues, including energy.<\/p>\n

He reiterated Ukrainian President Volodymyr Zelenskyy’s goal of a “just and lasting peace” for Ukraine. The meeting precedes US-Russia talks on a potential ceasefire, though ongoing strikes raise doubts about progress.<\/p>\n

The US is set to implement reciprocal tariffs on April 2, aiming to align tariffs with those imposed by other countries on its goods.<\/p>\n

These impending tariffs have sparked uncertainty about the global economy, with experts warning that a slowdown in economic growth could reduce oil demand.<\/p>\n

US President Donald Trump hinted at “flexibility” regarding the tariffs, stating on Friday that there would be room for adjustments, despite initially showing reluctance to allow exemptions.<\/p>\n

“People are coming to me and asking if they can have exceptions,” Trump told reporters in the Oval Office.<\/p>\n

However, fresh US sanctions on Iran continue to raise expectations of tighter supply in global oil markets.<\/p>\n

Last week, the US Treasury Department imposed sanctions on 19 entities and vessels tied to Iran’s oil exports, while the US State Department sanctioned a Chinese oil terminal for buying and storing Iranian crude from a sanctioned vessel.<\/p>\n

The move is having an impact on the physical market, with spot and near-term futures gaining for oil from the Middle East, according to Daniel Hynes, a senior commodity strategist at the Australia and New Zealand Banking Group.<\/p>\n

“Asian traders are said to be holding back from purchasing Iranian crude,” Hynes said in an emailed-note.<\/p>\n

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, issued a new schedule for seven member countries to make further production cuts to compensate previous overproductions.<\/p>\n

This move is expected to offset the impact of the group’s planned monthly production increases set to begin in April.<\/p>\n

For More News And Analysis About Mauritius<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil prices fell on Monday as investors weighed the potential impact of US-brokered Russia-Ukraine peace talks, while concerns about the global economy remained due to impending US reciprocal tariffs. 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