Commodities: Court Ruling Against U.S. Tariffs Pushes Oil Higher

2025-05-29 03:30:00 ET

Summary

• Oil markets strengthened yesterday as sanction risks against Russia increase. The market is also rising on news that the US Court of International Trade ruled President Trump’s “Liberation Day” tariffs overstepped his authority, blocking the levies.
• In the carbon market, the European Commission reported that the total number of allowances in circulation (TNAC) in the EU market stood at 1,148,049,585 in 2024. Given the surplus environment, around 276m of allowances will be placed into the MSR between September 1, 2025 and August 31, 2026.
• Copper inventories on the LME fell to the lowest level in almost two years, with withdrawals continuing at warehouses in Rotterdam. Thousands of tonnes of copper have been withdrawn over the past few trading sessions.

By Warren Patterson , Ewa Manthey

Energy - Sentiment improves for now

Oil markets strengthened yesterday as sanction risks against Russia increase, while the market appears to be losing hope that we’ll see a nuclear deal between the US and Iran. This might’ve led to the eventual lifting of oil sanctions. The market is also rising on news that the US Court of International Trade ruled President Trump’s “Liberation Day” tariffs overstepped his authority, blocking the levies. The Trump administration said it's appealing the decision....

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