Oil Prices Fluctuate as Ukraine Ceasefire Prospects and Trade Tensions Create Uncertainty

Global oil markets react to mixed signals from supply-demand dynamics, geopolitical tensions, and escalating U.S.-EU trade disputes.

Oil prices rebounded slightly on Friday after dropping over 1% on Thursday, driven by uncertainty over a potential Ukraine ceasefire and trade tensions.
Russian President Vladimir Putin expressed conditional support for a U.S.-proposed 30-day Ukraine ceasefire, but key clarifications and conditions hinder immediate progress.
The International Energy Agency revised its 2025 global oil demand growth forecast downward, citing weaker economic conditions and escalating trade disputes.
U.S. President Donald Trump's threat of a 200% tariff on European alcohol imports has intensified global trade tensions, raising concerns about economic impacts on oil demand.
Despite tighter-than-expected U.S. fuel inventories and strong global oil demand in March, market sentiment remains volatile due to geopolitical and economic uncertainties.