Oil prices slip for the week amid tariff tensions and supply growth concerns

Oil prices edged higher on Friday but ended the week lower due to concerns over oversupply and ongoing U.S.-China trade tensions. Brent crude settled at $66.87 a barrel, down 1.6% for the week, while U.S. WTI closed at $63.02 a barrel, a 2.6% weekly loss. Hopes for easing trade tensions rose slightly after China exempted some U.S. imports from tariffs, but Beijing denied that formal negotiations were underway. Analysts, like Saxo Bank’s Ole Hansen, suggested that crude price gains are unlikely soon given the trade uncertainty and possible OPEC+ production hikes. Earlier in the month, oil prices dropped to four-year lows amid financial market selloffs and fears of weakened global demand. OPEC+ members are reportedly considering accelerating output increases from June, further pressuring prices. Meanwhile, a potential end to the Ukraine war could bring more Russian oil to market, adding to supply concerns. The U.S. oil rig count also rose by two to 483, signaling future production growth.

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Death toll from Iran’s Bandar Abbas port explosion rises to 40 as investigation continues

The death toll from Saturday’s massive explosion at Iran’s Bandar Abbas port has climbed to at least 40, with over 1,200 people injured, according to state media. Fires continued into Sunday night, fueled by chemicals stored at the site, though officials denied international reports linking the blast to military materials like missile fuel. While port operations have partially resumed, Iranian authorities blamed poor chemical storage practices and ongoing negligence for the disaster. The explosion comes amid heightened tensions, as Iran is engaged in nuclear talks with the U.S. and faces regional security pressures.

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Africa’s largest refinery halts oil product and LPG loadings amid operational issues

Tanker and gas carrier loadings have been suspended at Nigeria’s 650,000-bpd Dangote refinery, Africa’s largest, due to suspected operational problems. Market sources report that loading of petrol, gasoil, and LPG has stopped, with only kerosene available offshore. Analysts suggest a prolonged halt could boost gasoline imports from north-west Europe to Nigeria. Additionally, crude deliveries to the plant have dropped sharply, indicating it may be operating at just 46% of its capacity.

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S-Oil expects Q2 refining margins could be hit by U.S. tariff talks

South Korea’s S-Oil said it expects its second-quarter refining margins to be affected by developments in U.S. tariff negotiations amid increased global market volatility. The company, whose main shareholder is Saudi Aramco, highlighted the uncertainty during its latest update. In the first quarter, S-Oil operated its crude distillation units at 94% capacity at its 669,000-bpd refinery in Ulsan. This was slightly higher than the 93% average utilization rate recorded for the full year 2024.