23 May 2025: 16:30 BST
Trump and Bessent launched a classic good cop bad cop offensive on the market after the US woke up, sending flat price on a roller coaster through the European session. After news that a complete end to uranium enrichment in Iran was not on the cards, brent strengthened steadily throughout the afternoon to $64.60/bbl. But then, Trump being Trump, decided it was the perfect moment to take another swing at the EU. He’s now threatening a “straight 50% tariff” starting June 1. His reasoning? The usual: claims that the EU takes advantage of the US, that trade deficits are a form of exploitation… It’s nonsense, really. If anything, it’s the reverse. Trade deficits just mean you’re importing things you don’t have a comparative advantage in – often at better quality
and lower prices.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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