Oil prices ease from two-week highs as investors await tariff clarity
edged slightly lower on Wednesday after rising to two-week highs in the previous session, as investors were watching new developments on
U.S. tariffs
and trying to gauge their impact.
Brent crude futures
were down 20 cents, or 0.3%, at $69.95 a barrel by 0121 GMT.
U.S. West Texas Intermediate crude
fell 21 cents, or 0.4%, to $68.12 a barrel.
U.S. President Donald Trump's latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa and leaving companies with no clarity on the path forward.
Trump pushed back Wednesday's previous deadline to August 1, a date he said on Tuesday was final, declaring: "No extensions will be granted."
He also said he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide.
Live Events
While the tariffs have prompted worries of
oil demand destruction
, strong travel demand for the July 4th weekend buoyed hopes.
A record 72.2 million Americans were projected to travel more than 50 miles (80 km) for Fourth of July vacations, data from travel group AAA showed last week.
On the supply side, the U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted U.S. producers to slow activity this year, the
Energy Information Administration
forecast on Tuesday in a monthly report.
The world's largest oil producer is projected to produce 13.37 million barrels per day of oil in 2025, versus last month's forecast of 13.42 million bpd, the EIA said in its short-term energy outlook report. In 2026, the U.S. will produce 13.37 million bpd, in line with the previous forecast.
OPEC+ oil producers are, on the other hand, set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates' move to a larger quota, five sources said. On Saturday, the group approved a 548,000 bpd jump for August.
However, the actual output increase has been smaller than the announced levels so far and most of the supply has been from Saudi Arabia, analysts said.
Meanwhile,
geopolitical tensions
remained, providing a floor for prices. Four seafarers on the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat attack off Yemen, an official with knowledge of the issue said on Tuesday, the second incident in a day after months of calm.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
19 minutes ago
- Indian Express
What is the $250 US visa integrity fee and how will it impact Indian travellers?
The United States has introduced a new $250 Visa Integrity Fee as part of President Donald Trump's sweeping immigration overhaul, embedded in the recently signed One Big Beautiful Bill Act, enacted on July 4. Designed as a form of security deposit, the fee is pegged to inflation and may be refunded if visa holders meet specific compliance criteria. The Visa Integrity Fee, which takes effect in 2026, applies to nearly all non-immigrant visa categories—including tourist and business visas (B-1/B-2), student visas (F and M), work visas (H-1B), and exchange visas (J). Only diplomatic categories (A and G) are exempt. The Department of Homeland Security (DHS) will collect the surcharge at the time of visa issuance, on top of existing application fees. The amount will be revised annually based on the Consumer Price Index (CPI), turning it into an inflation-linked cost. The visa reform is part of a broader push by the Trump administration to tighten immigration enforcement and discourage visa overstays. Alongside the Integrity Fee, the bill also introduces several other travel-related charges: These fees are non-waivable and will be charged regardless of the applicant's financial status or country of origin. As of now, a US tourist or business visa (B-1/B-2) for Indian applicants costs approximately $185 (₹15,855). However, once the new surcharges come into effect, the total cost will rise significantly. Factoring in the $250 Visa Integrity Fee, the $24 I-94 fee, and the $13 ESTA fee, the overall expense for a B-1/B-2 visa will climb to around $472 (₹40,456) — nearly 2.5 times the current cost. The US government retains the authority to revise this amount through future regulations. Starting in 2026, the Visa Integrity Fee will be adjusted annually based on the Consumer Price Index (CPI), effectively turning it into a recurring, inflation-indexed cost for all applicants. Billed as a kind of security deposit, the fee is designed to encourage compliance with US immigration laws — particularly ensuring that visitors leave the country on time or properly adjust their status. While the initiative may help reduce visa overstays, critics argue that it could also deter genuine, law-abiding travellers and stifle cultural exchange, especially for applicants from developing countries who already face financial hurdles. While the Visa Integrity Fee can be refunded, doing so won't be easy. The conditions are strict, and the process is far from automatic. Visa holders may apply for a refund only if they leave the US within five days of their visa expiration without requesting an extension or change in immigration status. Alternatively, they may qualify if they successfully adjust to permanent residency before their I-94 record — the official arrival/departure record issued by US Customs and Border Protection — expires. Even if eligible, applicants must provide substantial documentation, such as proof of timely departure or approved status adjustment. Without this, the $250 fee will be forfeited to the US Treasury's general fund. The US State Department is expected to release further guidance on how the refund process will work in practice. For many travellers — especially students and tourists from developing countries — the added cost of the Visa Integrity Fee is a significant financial burden, one that may require careful planning before making the journey to the United States.
&w=3840&q=100)
Business Standard
19 minutes ago
- Business Standard
Rupee advances for third straight session; ends 3 paise higher at 85.65/$
Indian Rupee edged higher for the third straight session on Thursday, even as US President Donald Trump kept sending tariff demand letters to additional countries. The domestic currency closed 3 paise higher at 85.65 against the dollar on Thursday, according to Bloomberg. The rupee has depreciated by 0.15 per cent against the greenback in the current financial year, and has witnessed 0.03 per cent depreciation in the current calendar year. The Rupee's gain in today's session is in line with the strength seen in other Asian currencies. Rupee traded flat near 85.65 as mild strength in the dollar index and weakness in the capital markets weighed on sentiment, according to Jateen Trivedi, VP research analyst - commodity and currency at LKP Securities. "After yesterday's strong rally, some profit booking was also observed. The rupee is expected to trade within a range of 85.30 to 85.90." On Wednesday, Brazil was hit with a 50 per cent levy, while Trump imposed a 30 per cent tariff on Algeria, Libya, and Iraq. Sri Lanka was hit with 25 per cent duties. Trump also said the US would begin levying a 50 per cent tariff on copper imports from August 1. Meanwhile, US Federal Reserve (Fed) minutes signalled that tariff-driven inflation may not derail rate cuts. The dollar index, a measure of the greenback against a basket of six major currencies, was down 0.17 per cent at 97.41. Vigilance is warranted as the US Dollar Index strengthens and long-term US and Japanese bond yields surge, potentially sparking risk-off sentiment in global markets, according to Anindya Banerjee, head of currency and commodity, Kotak Securities. Investors eye the US Jobless Claims data and Japan's Producer Price Inflation data.
Time of India
20 minutes ago
- Time of India
Who is Hariana Veras? Donald Trump's so-called ‘reporter crush' from Africa
In a moment that quickly lit up social media and stirred fresh chatter online, US President Donald Trump was seen beaming with delight during a White House press briefing as he spotted a familiar face among the reporters. Calling out to her mid-session, he said, 'Where is my reporter from Africa? There you are. How are you? She's very famous in Africa.' His words, laced with familiarity and enthusiasm, reignited a wave of online reactions. Many netizens quickly dubbed the journalist Trump's "reporter crush", referring to his previous interactions with her that were similarly warm and borderline flirtatious. The brief moment, though seemingly lighthearted, once again placed the spotlight on an accomplished African journalist who has become a fixture in high-level US political coverage: Hariana Veras Victoria. Hariana Veras: A familiar and respected face in the briefing room Hariana Veras, professionally known as Hariana, is a distinguished Angolan journalist, television producer, and White House correspondent. With more than a decade of experience reporting from Washington, D.C., she is credentialed to cover some of the most powerful institutions in the world, including the White House, the US Senate, the Pentagon, the United Nations, the International Monetary Fund, and the World Bank. Her journalism career began in Angola at the age of 18, working with prominent media outlets such as Folha 8, Angolense, and later, television networks like ORION. Over time, she rose through the ranks to become one of the most prominent African voices in US-based international reporting. Today, she serves as a correspondent for several African media networks and hosts The Hariana Show, a program dedicated to delivering global news with a special focus on African affairs. This isn't the first time Hariana and President Trump have shared a noteworthy on-camera interaction. In June 2025, during a White House ceremony commemorating a peace agreement between the Democratic Republic of Congo and Rwanda, Hariana spoke about the significance of the deal and relayed words of gratitude from Congolese citizens. Trump, visibly impressed, responded with personal compliments, calling her 'beautiful' and 'smart,' before joking that such comments might end his political career. That moment quickly went viral and earned her the informal title of 'Trump's reporter crush' across social platforms. While many viewers were amused, others criticized the tone of Trump's remarks, raising broader concerns about the treatment of women particularly women of color in professional spaces. Through it all, Hariana remained composed, redirecting focus to the significance of the event and the importance of peace in the region. Representation, respect, and the power of poise Hariana's continued presence in the White House briefing room under President Trump's second administration speaks volumes about the evolving landscape of international journalism. She represents more than just African media she symbolizes a bridge between African audiences and global power centers, offering perspectives often overlooked in Western coverage. Despite the distractions that come with viral attention, Hariana has never lost sight of her mission: to report the news, amplify African voices, and remain a steadfast professional in even the most politically charged environments. As the clip from the July 2025 briefing continues to circulate, it's important to remember that Hariana Veras's contributions to journalism extend far beyond any single viral moment. The attention may be lighthearted, but her work is serious, consistent, and impactful. Whether President Trump sees her as a favorite reporter or not, Hariana Veras remains one of the most important African correspondents working in Washington today respected by peers, trusted by audiences, and unshaken by the spotlight.
