The global trade war deepened Thursday with China reiterating it will hit back if the latest tariff threats from Donald Trump materialize, while India followed the European Union in slapping retaliatory levies on US goods.
As Opec oil ministers prepared to meet in Vienna later this week, President Trump fired another twitter-shot across their bows. But it is his decision to slap sanctions back on Iran that is the real driving force behind the rising price of oil.
The United States split from other Group of 20 member countries on Friday over the future of the coal industry and the 2015 Paris climate accord, though all of them agreed to transition to cleaner fuels to cut greenhouse gasemissions.
Oil prices rose alongside global markets on Tuesday as U.S. President Donald Trump said a summit in Singapore with North Korea’s Kim Jong Un had made “a lot of progress”, boosting hopes of a deal to end a nuclear standoff on the Korean peninsula.
Within six weeks, Saudi Arabia has gone from advocating higher prices to trying to stop the rally at $80 a barrel
Following United States’ withdrawal from the Iran nuclear deal, White House national security adviser John Bolton on Sunday said there is a possibility of secondary sanctions being imposed on the European companies doing business with Iran.
A day after President Donald Trump withdrew the US from the Iran nuclear deal and decided to re-impose sanctions on Tehran, industry chamber Assocham said on Wednesday that the move will hit the Indian economy due to its likely upward impact on oil prices.
Oil prices retreated from 3-1/2 year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran.
Crude oil prices settled at a three-year high in the previous week, with WTI finishing at $68.40 per barrel and Brent at $74.06.
After failing to get an exemption on tariff hikes by the Donald Trump administration, India on Tuesday raised the issue of US imposing higher tariffs on certain steel items at the committee of safeguards of the World Trade Organisation (WTO) seeking consultation.