Bloomberg is reporting that the Trump administration is reportedly looking to sanction Moscow’s covert fleet of oil tankers and also sanction several entities that enable them to operate.
Earlier today, Trump increase in the is tariffs to 50% (up 25%) as a penalty for importing Russian oil. The administration is looking to strangle Russia via oil sales.
That has helped to push oil up modestly. The price is currently up about $0.60 at $65.75, but the low price today near $65.11 remained above its 100 day moving average at $64.96. The price would need to move below that level to increase the bearish bias from a technical perspective.
In other related news, Trump is expected to speak to Ukrainian Pres. Zelenskiy after WH Witkoff spoke with Russian Pres. Putin. Kremlin aide Ushakov said that talks with U.S. Special Envoy Witkoff were useful and constructive. From Russia’s side, they sent “signals” and have “received some signals” from U.S. President Trump. The discussions covered the Ukraine crisis and the prospects for developing the Russia-U.S. partnership.
Trump said last week, he has no interest in speaking with Putin (who is not listening).The tact has now switched to squeezing vs massaging his “friend”.
Trump also sent 2 nuclear subs to “appropriate regions” due to provocative statements from the former Pres. of Russia Dmitry Medvedev (see post here).
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