Oil Futures React to Misquoted Tariff Relief News

In a surprising turn of events, oil futures experienced a brief surge in prices following a misquoted statement regarding tariff relief. United States National Economic Council Director Kevin Hassett was incorrectly cited as suggesting President Donald Trump might pause tariffs on all countries except China for 90 days.

Market Response and Subsequent Correction

West Texas Intermediate (WTI) for May's deliveries saw a sharp increase of 3.73% at 10:19 am ET, reaching $63.09 per barrel. Similarly, Brent for June's settlements climbed by 2.67% to $66.61 per barrel. However, after the White House denied the reports, WTI prices adjusted downward by 0.28% to $61.28 per barrel, while Brent stabilized at $64.72 per barrel.

Understanding the Impact

This incident highlights the sensitivity of oil markets to geopolitical news and the importance of accurate information dissemination. The rapid price fluctuation underscores the volatile nature of global oil markets in response to trade policy rumors.