Global crude oil futures tumbled sharply on Tuesday, extending Monday’s retreat to settle more than 3% lower as energy markets reassessed geopolitical risk premiums following Washington’s rollout of secondary sanctions on Iran.
Demand on the transpacific has proven sturdier than expected. June's early peak-season pull came partly from fears of a July tariff hike; with tariffs holding steady and further increases still possible, shippers appear to be sustaining bookings rather than pulling back.
Global crude oil futures settled higher on Friday, capping substantial weekly gains as Washington's threat of secondary sanctions against Iran’s trading partners intensified supply deficit concerns amid chronic maritime transit disruptions.