Crude oil prices stabilized as the United States reached an agreement on tariffs with Japan

Despite this Agreement, prices remain low due to continuing concerns about tariffs.

The European Union also announced that it is considering taking countermeasures against US tariffs, as hopes of reaching an agreement before the first of August are fading.

The report pointed out that the trade agreement between the United States and Japan includes the imposition of tariffs of 15% on US imports from Japan, and an investment of 550 billion US dollars in the United States. There was market concern about the US tariffs affecting global economic growth and, consequently, the decline in oil demand.

We do not expect a significant rise in oil thanks to the news of the US-Japan trade agreement, as the reported obstacles and delays in talks with the European Union and China will continue to affect the markets for now.