Crude oil prices surge to five-week high amid US tariff threats on Russia
According to media reports, Washington is considering imposing tariffs of 25% to 50% on entities purchasing Russian crude. The proposed measures aim to pressure Moscow into negotiating a ceasefire with Ukraine
Crude oil prices surged to a five-week high on Monday, 31 March 2025, as concerns over potential supply disruptions intensified. The rally followed reports that the United States is weighing secondary tariffs on buyers of Russian crude, a move that could significantly curtail the country’s exports.
Brent crude futures rose by $1.11, or 1.5%, to settle at $74.74/barrel,
WTI jumped $2.12, or 3.1%, to close at $71.48/barrel.
According to media reports, Washington is considering imposing tariffs of 25% to 50% on entities purchasing Russian crude. The proposed measures aim to pressure Moscow into negotiating a ceasefire with Ukraine but could have broad implications for global energy markets.
Further tightening the supply outlook, data from the US Energy Information Administration (EIA) showed that domestic crude production fell to 13.15 million barrels per day in January—the lowest level in 11 months. The figure came in below weekly estimates, underscoring a potential supply deficit in the world’s largest oil-producing nation.