Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
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Oil prices were largely flat in early Monday trading as markets weighed the escalating U.S.-China trade war and its potential impact on global economic growth and fuel demand. Brent crude rose slightly by 4 cents to $64.80 per barrel, while U.S. West Texas Intermediate (WTI) crude edged up 3 cents to $61.53.
Tensions intensified after Beijing raised tariffs on U.S. imports to 125% in retaliation for President Donald Trump’s latest tariff hikes on Chinese goods. Although the U.S. has temporarily excluded smartphones, computers, and some electronics from tariffs, Commerce Secretary Howard Lutnick stated that critical tech items, including semiconductors, will face new duties within two months.
Fears of weakening demand were amplified by fresh economic data from China. Consumer prices fell for the second consecutive month year-over-year, while producer prices posted their 30th straight monthly decline, according to Moody’s Analytics. These figures underscore concerns about China’s economic resilience amid the trade standoff.
As businesses brace for reduced demand, U.S. energy firms cut oil rigs last week by the largest margin since June 2023. Baker Hughes reported a continued decline in oil and natural gas rig counts for the third week in a row, reflecting cautious industry sentiment.
On the geopolitical front, U.S. Energy Secretary Chris Wright hinted at a possible halt to Iran’s oil exports, a move aligned with Trump’s strategy to pressure Tehran over its nuclear activities. Meanwhile, U.S. and Iranian officials held what they called “positive” and “constructive” nuclear talks in Oman over the weekend, with plans to meet again next week.
With supply threats and trade uncertainties mounting, oil prices remain sensitive to ongoing economic and diplomatic developments.
