Breaking news

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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Greek Tankers Transit Hormuz As Shipping Risks Rise In Gulf And Black Sea

by THEFUTURE.TEAM

March 16, 2026

Two tankers linked to George Prokopiou passed through the Strait of Hormuz as regional tensions continue to affect shipping routes in the Gulf.

Safe Passage Through Hormuz

The tanker Smyrni, operated by Dynacom Tankers Management, was observed off the coast of Mumbai on Saturday morning after its earlier positioning in the Persian Gulf. The vessel, like its predecessor Shenlong, temporarily disabled its transponder during transit, a common practice in these narrow channels under uncertain conditions.

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Robust Market Commitments

Despite reduced shipping traffic through the strait, Dynacom has continued expanding its fleet. The company recently ordered four additional VLCC tankers from Hengli Heavy Industry. Each vessel will have a capacity of 300,000 deadweight tonnes. With the new order, Dynacom’s VLCC program in Chinese shipyards now totals 16 vessels.

Security Incident In The Black Sea

In a separate incident, the Greek-flagged tanker Maran Homer sustained minor damage near Novorossiysk in the Black Sea. The vessel is operated by Maran Tankers Management, part of the shipping group controlled by Maria Angelicoussis.

Reports indicated the ship was struck by a missile or drone about 14 nautical miles from the port. The crew of 24, including Greek, Filipino and Romanian sailors, was not injured. The vessel, which was not carrying cargo, continued sailing under its own power.