- Oil prices held steady Tuesday morning after a $2/Bbl surge the day before
- WTI dipped 11c to $71.37/Bbl on Tuesday morning (7:45 AM CT)
- President Trump walked back remarks on potential secondary tariffs for Russian oil purchases, which had sparked Monday’s price jump
- US equity futures pulled back while gold continued to climb as markets awaited more clarity on Trump’s reciprocal tariff plan
- Indian refiners scrambled to secure crude supplies following Trump’s threats, contributing to a more bullish short-term outlook for oil
- Crude prices closed out Q1 almost exactly where they began
- Iran informed President Trump it will not engage in direct nuclear talks with his administration
- Trump has renewed his “maximum pressure campaign” in his second term, intensifying sanctions and warning of military action if a new nuclear deal cannot be reached
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