Oil dips as Trump’s vow to cut prices outweighs Iran sanctions push.WTI fell 0.6% below $71, extending a three-day slump. Prices swung as Trump pledged to boost US oil output but rebounded briefly on new Iran sanctions before fading again.
Traders doubt US producers will ramp up output despite policy shifts.Citigroup sees Trump as bearish for oil, citing his focus on lower energy prices.Since his return, crude futures have swung sharply amid tariff threats and policy shifts.
Thursday’s volatility mirrored stock and bond market swings ahead of the jobs report.Trump’s influence on oil markets is resurfacing, echoing his first term when his social media posts and policy statements frequently moved crude prices by several dollars.
Over the past two weeks, his rhetoric has triggered renewed volatility, leading traders to exit crude and fuel markets in large numbers, further pressuring prices downward.Meanwhile, signs of weakness in the physical oil market are emerging.
The premium for Brent crude’s immediate delivery over next-month contracts has narrowed to below 50 cents a barrel, its lowest this year, down from around $1 at the end of last month.Prices:WTI: Fell 0.6% to $70.61 a barrel in New York.Brent: Dropped 0.4% to $74.29 a barrel.
