The Sep’25 Brent Futures contract fell from $73.60/bbl at around 21:00 BST to $72.75/bbl at 11:12 BST (time of writing). The soon-to-be-prompt Oct’25 Brent futures contract similarly fell from $72.80/bbl to $71.85/bbl. Trump and Mexican President Claudia Sheinbaum are set to hold a phone call Thursday morning as the Friday deadline looms for implementing a 30% tariff, with still no agreement in place between the US and its top trade partner. Brazilian President Luiz Inácio Lula da Silva says he’s unafraid of clashing with Donald Trump, as Brazil braces for 50% U.S. tariffs set to take effect next week. Trump signed an executive order Wednesday imposing the tariffs, citing retaliation for a political “witch-hunt” against ally Jair Bolsonaro. In an interview with the New York Times, Lula warned against a “lose-lose” scenario and insisted Brazil would negotiate as a sovereign nation, not a subordinate one. Kazakhstan’s Ministry of Energy has confirmed plans to export 1.7 million mt of oil via the Baku-Tbilisi-Ceyhan (BTC) pipeline in 2025. Energy Minister Yerlan Akkenzhenov reported that 800,000 mt were transported through BTC in the first half of 2024, with a total of 1.4 million mt expected by year-end. Initially, the 2025 forecast was 1.5 million mt, but it was later raised to 1.7 million by KazMunayGas Deputy Chairman Kurmangazy Iskaziyev. Shell PLC shares rose 2.74% on Thursday after the company confirmed it will continue share buybacks despite weaker Q2 results. Net income dropped 25% year-on-year to $3.6 billion, impacted by lower trading margins and softer oil and gas prices. Adjusted earnings fell 24% to $4.26 billion. The US has sanctioned Zhoushan Jinrun Petroleum Transfer Co., marking the fourth Chinese oil terminal targeted over Iranian energy trade. The company allegedly received at least six shipments of Iranian crude. Finally, the front month-Sep/Oct spread is at $0.81/bbl, and the 6-month Sep/Mar’26 spread is at $3.32/bbl.
