Sep’25 Brent futures were under pressure this afternoon from $71.35/bbl at 13:30 BST to $69.55/bbl at 17:25 BST (time of writing). Although Trump warned of possible 100% secondary tariffs on Russia if a ceasefire isn’t achieved within 50 days, the lack of immediate action put pressure on prices. The Euro recovered to around 1.1689 against the US Dollar USD after hitting a two-week low of 1.1654 earlier. The pair had slipped after Trump threatened 30% tariffs on European imports from 1 Aug, but a softer USD and hopes of talks helped it rebound. Meanwhile, the US Dollar Index held flat below 98.00 ahead of key CPI data and trade updates. Indonesia’s plan to buy up to $15 billion in US energy products hinges on tariff talks, Energy Minister Bahlil Lahadalia said today. He warned the deal won’t proceed if Washington moves ahead with a planned 32% tariff on Indonesia starting in August. Jakarta earlier proposed the purchase to help narrow its trade surplus and secure lower US tariffs. Finally, the front-month Sep/Oct and 6-month Sep/Mar’26 spreads are at $1.07/bbl and $2.90/bbl, respectively.
