Crude prices stayed over $100 on Friday on flare-up in the Middle East. Trump said the US will hold Iran responsible for future Houthis attacks after the two Saudi oil tankers were attacked in the Red Sea.
According to a Federal Register notice, the Trump administration is set to launch new tariffs against dozens of nations just after midnight ET Friday over claims of forced-labour violations.
The incoming tariffs, set between 10% and 12.5%, are designed to seamlessly succeed the expiring temporary 10% global duties. That would dislocate trade flows at a time of energy crisis.
OPEC+ will likely agree a further hike in output targets from September next month, sources said. The group has been raising targets in recent months, aiming to recapture market share when the war ends.
Seven OPEC+ nations are increasing production as they gradually unwind a 2023 supply reduction of 1.65 million bpd, a quota originally established before the United Arab Emirates left the group.
US commercial crude oil inventories increased by 2 million barrels, according to the EIA. Despite the uptick, inventory levels remained approximately 6% below the average level between 2021 and 2025.
EBC Financial Group analyst says, WTI Crude showed a powerful recovery, currently stalling at a major resistance. The RSI indicated overbought conditions, a close below $91 may portend an immediate pullback.
Asset Recap
As of market close on 23 July, among EBC major products, Lockheed Martin shares led gains after the company reported strong second-quarter financial results, beating analysts' expectations, and raised its full-year guidance.
Tesla reported record Q2 revenue of $28.24 billion, beating consensus, but the earnings call revealed its business in the midst of a costly pivot toward AI and robotics that is squeezing profitability and burning cash.
The Magnificent Seven tech stocks faced heavy sell-off as escalating concerns over runaway AI infrastructure spending and disappointing corporate earnings triggered a massive sell-off.
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