Concerns in the market regarding macroeconomic issues, including tariff wars between the US and other countries, have raised fears about the impact on global demand. Moreover, the ceasefire plan proposed by the US for Russia and Ukraine has created uncertainty. International oil prices fell on March 13.

Andrew Lipow, president of Lipow Oil Associates, pointed out that tariffs are a primary factor impacting market outlooks on oil demand growth for 2025.

West Texas Intermediate (WTI) crude for April delivery decreased by US$1.13 (1.7%), reaching US$66.55/barrel on the New York Mercantile Exchange. Brent crude for the May delivery fell by US$1.07 (1.5%), settling at US$69.88/barrel.