Oil Prices Experience Largest Weekly Drop Since October Amid U.S. Policy Uncertainty

by News Editor

March 7, 2025

In a remarkable shift, oil prices are on track to witness their largest weekly decline since October last year. The pivotal factor contributing to this downturn is the ambiguity surrounding the U.S. trade policy, which threatens to dampen oil demand in the world’s largest economy.

Key Figures

Brent crude oil futures saw a slight rise by 0.43% to $69.76 per barrel.
West Texas Intermediate (WTI) climbed 0.38% to $66.61 per barrel.
Despite these increments, both contracts are expected to end the week with a significant drop—Brent by 4.9% and WTI by 4.8%.

Market Dynamics

The oil market, like many others, finds itself in turmoil due to the fluctuating trade policies of the United States—the world’s biggest oil consumer. Recent statements by President Trump indicate a temporary halting of enhanced tariffs on goods from Canada and Mexico until April 2. Yet, tariffs on steel and aluminum will proceed as planned. This partial suspension fails to address Canadian energy products, which still face a 10% levy.

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For an in-depth analysis of similar economic fluctuations, check out our article on Cyprus Exports to the US.

Expert Insight

Vandana Hari, the founder of Vanda Insights, notes, “Financial markets seem engulfed in panic mode, with limited solace found in President Trump’s delays. Even as crude prices hover around a four-month low, further declines remain possible.”

Future Outlook

According to a report by Fitch, the risk to pricing persists following OPEC+’s decision to boost petroleum output in April. This could lead to an oversupply, sending Brent prices to their lowest since December 2021.

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IMF Says Cyprus Growth Will Ease As Energy Costs And Regional Tensions Weigh On Economy

by THEFUTURE.TEAM

June 24, 2026

Cyprus is expected to remain among the better-performing economies in the European Union, although growth is projected to moderate this year as higher energy prices, geopolitical uncertainty, and softer tourism activity weigh on economic momentum.

Growth Set To Moderate After A Strong Run

In its latest Article IV Consultation, the International Monetary Fund (IMF) noted that the Cypriot economy has remained resilient despite a challenging external environment. However, the Fund expects growth to slow compared with last year as rising energy costs and regional tensions begin to affect household incomes, business confidence, and tourism flows.

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“Growth is expected to moderate this year as higher energy prices and geopolitical tensions weigh on real incomes, tourism and confidence,” the IMF said.

The Fund projects GDP growth of 2.6% in 2026, compared with 3.8% in 2025. Under a more adverse scenario involving a prolonged crisis in the Gulf region, growth could slow further to 1.7%.

Inflation Is Turning Higher Again

Alongside slower growth, inflation is expected to increase in the near term after easing significantly last year. According to the IMF, higher energy costs linked to developments in the Middle East are beginning to feed through to consumer prices.

“Inflation is projected to rise in the near term before easing. Risks are tilted to the downside, notably from a more prolonged war in the Middle East, tighter global financial conditions and weaker external demand. Medium-term prospects are more balanced, supported by strong fundamentals and reform momentum,” the Fund said.

The harmonised inflation rate, which declined to 0.8% in 2025, is forecast to rise to 3.5% this year before easing again to 1.5% in 2027.

Tourism Softens, But Fiscal And Financial Buffers Hold

While the IMF pointed to signs of weaker tourism activity, it said the broader economy continues to benefit from strong fiscal and financial fundamentals.

“Fiscal performance has remained strong, with continued surpluses and public debt declining below 60 per cent of GDP. The financial sector is sound, with strong capital and liquidity buffers and improving asset quality,” the report noted.

Domestic demand remains resilient, while exports of services continue to support economic activity. Sectors such as information and communications technology and tourism are expected to remain important contributors to growth, helping Cyprus maintain one of the strongest economic performances within the EU.

A Recovery Built On Policy Discipline

The IMF praised the Cypriot authorities for maintaining a strong fiscal position, rebuilding policy buffers and putting public debt on a clear downward trajectory. It also pointed to the country’s remarkable rebound since the 2013 banking crisis. Per capita GDP, measured against the EU average, has now returned to pre-crisis levels.

That said, the Fund urged policymakers to keep focusing on the quality of public finances. It said Cyprus should improve the efficiency of spending and taxation, prioritise high-quality public investment and maintain discipline in public wage growth.

Any support for households, the IMF added, should be temporary and tightly targeted. It welcomed the government’s recent comprehensive tax reform and a proposal to build financial assets in the social security fund.

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