International crude oil prices climbed on Friday as US President Donald Trump signaled potential sanctions against Iran’s trading partners, heightening concerns over future supply constraints. Brent crude futures closed at $94.39 per barrel, up 61 cents or 0.65 percent. The move follows Trump’s public threats aimed at pressuring Iran’s allies, which traders interpreted as a sign of possible supply disruptions.
Hours before a critical trade deadline, Canadian-U.S. Trade Minister Dominic LeBlanc reiterated that negotiations were ongoing, though he noted more work was needed to finalize a deal. The deadline, set for midnight, looms as a key moment in efforts to avoid new tariffs. LeBlanc left talks shortly after 7 p.M. Indicating the talks remained unresolved.
Meanwhile, Trump announced temporary relief on beef import tariffs, aiming to ease costs for consumers ahead of midterm elections. The decision reflects a broader strategy to balance economic pressures with political considerations.
The administration continues to navigate complex trade dynamics, with key figures like Karoline Leavitt transitioning to Trump’s political campaign, signaling ongoing influence within the administration.
