The prompt Jun’25 Brent futures saw another volatile morning with prices dropping off to $63.69/bbl at 08:47 BST form $64.95/bbl around 08:00 BST. Prices have since slowly climbed back up to $64.46/bbl at 10:45 (time of writing).Russia’s central bank warned that falling oil prices, triggered by U.S. tariffs, pose a risk to the economy. Governor Elvira Nabiullina said the impact could be softened by a budget rule but noted that prolonged tariff wars may reduce global trade and energy demand. The central bank expects lower oil prices in coming years and will reassess its forecasts on April 25. In other news, US Energy Secretary Chris Wright will visit Saudi Arabia, the UAE, and Qatar in his first official Middle East trip, aiming to secure oil supply commitments and discuss investment ahead of a likely Trump visit in May. The tour follows oil price drops tied to fears of recession and rising OPEC+ output. Talks will also address energy investments in the US, including the UAE’s $1.4 trillion pledge, and efforts to offset lost supply from sanctioned nations like Iran, Venezuela, and Russia. Wright will also explore cost-cutting strategies for oil production and visit nuclear sites amid regional proliferation concerns. Further news from the Middle East, Iranian Foreign Minister Abbas Araghchi wrote on social media late on Monday that “indirect” talks would take place on Saturday. Iranian state media later reported that Araghchi would meet the US envoy to the Middle East, Steve Witkoff, with Oman acting as a mediator. Finally,the Jun/Jul’26 front month and Jun/Dec’25 6 months spreads are at $0.46/bbl and $1.29/bbl respectively.
