- Oil pulls back as markets weigh Fed uncertainty and geopolitical risk
- WTI prompt-month futures fell $1.17 to $63.63/Bbl as of 7:45 AM CT on Tuesday, snapping a four-session rally
- Crude retreated as the recent rally lost momentum, with traders awaiting new direction from supply fundamentals and the Fed
- “Oil prices remain in a tight range amid geopolitical volatility and relatively resilient fundamentals,” said Barclays analyst Amarpreet Singh
- The Department of Homeland Security announced plans to double tariffs on all Indian imports, effective Wednesday, as part of a broader Trump administration strategy to pressure New Delhi over its continued purchases of Russian crude
- The White House has framed the move as part of a broader effort to broker peace between Russia and Ukraine
- Despite the looming tariffs, Indian refiners expect to keep most of their Russian crude volumes in place in the near term, according to Bloomberg
- Jet fuel demand growth decelerates after post-COVID rebound
- The EIA reports US jet fuel consumption growth has slowed in 2025, following several years of rapid gains after the pandemic slump
- Growth is expected to continue decelerating through 2026, falling below both the accelerated post-2020 pace and the longer-term average seen in the 2010s
- Slower growth reflects two main factors, weakening air travel demand due to macroeconomic headwinds, and improved fuel efficiency from a newer commercial aircraft fleet
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