Oil prices are falling because both the US and the European Union are taking steps to make Russian crude less attractive on the global market. The US is imposing high tariffs on Russian oil, while the EU is lowering the price cap for Russian exports, forcing Russia to sell at significant discounts. These coordinated measures are reducing demand for Russian oil and putting downward pressure on prices, as buyers increasingly turn to alternative suppliers.
- On Monday, July 14, the European Union will reach an agreement on the 18th package of sanctions against Russia. It includes a reduction in the ceiling price for Russian oil.
- Trump announced that the US is considering imposing 100% tariffs on Russian goods, but they will be postponed for 50 days.
Source: xStation 5
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