Wednesday, April 30, 2025
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Economy
Less than 1 min.Read

WTI Jumps 3% as Trump Targets Russian Oil Buyers With Tariff Plan

By Adrian Whitaker
Shutterstock

Global oil prices surged on the last day of March.

Brent crude, the international oil benchmark, which had reversed to a decline after eight trading days, jumped 1.5%, while West Texas Intermediate (WTI), the U.S. oil benchmark, surged 3%.

U.S. President Donald Trump, mediating ceasefire talks in the Ukraine conflict, put pressure on Russia, causing oil prices to jump.

He warned of potential 25-50% tariffs on nations purchasing Russian oil to pressure Russia, which has shown reluctance towards a ceasefire.

Consequently, Brent crude for May delivery rose $1.11 (1.51%) to $74.74 per barrel. WTI for May delivery closed at $71.48 per barrel, surging $2.12 (3.06%).

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That $12 Swimsuit? It’s $31 Now—Thanks, Tariffs

0
Chinese retailers Temu and Shein raise prices significantly due to new U.S. tariffs, impacting various product categories dramatically.

WTI Falls Below $61 as Global Demand Fears Intensify

0
International oil prices dropped significantly due to U.S.-China trade tensions, with Brent and WTI benchmarks falling sharply.

‘Mercy or Mayhem?’ Australia Slammed for Culling Starving Koalas by Air

0
Victoria's government faces backlash for euthanizing over 700 koalas affected by wildfires, citing suffering and habitat loss.

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