• WTI depreciates the US President Donald Trump called on OPEC+ to lower oil prices.
• Trump again demanded that OPEC+ lower oil prices, which would harm Russia’s finances and end the war in Ukraine.
• The White House confirmed that Colombia had agreed to all terms following the threat of trump tariffs.

The price of West Texas Intermediate (WTI) crude reversed gains from the previous session, reaching around $73.90 a barrel during Asian trading hours on Monday. Oil prices are under pressure as US President Donald Trump sparked trade concerns by calling on OPEC+ (Organization of the Petroleum Exporting Countries and its allies) to lower oil prices.

On Friday, Trump again called on OPEC+ to lower oil prices in an attempt to hurt oil-rich Russia’s finances and support end the war in Ukraine. “One way to stop this quickly is for OPEC to stop making so much money and lower oil prices… This war will end immediately,” Trump said. However, OPEC and its allies, including Russia, have not yet responded to Trump’s call, and OPEC+ delegates have indicated a plan to augment oil production from April.

President Trump also warned of imposing taxes, tariffs and sanctions on Russia “and other participating countries” if an agreement to end the war in Ukraine is not reached soon. In response, Russian President Vladimir Putin offered to meet with Trump to discuss the war and energy prices.

Concerns about oil supplies also emerged on Sunday, when Trump announced plans to impose a 25% tariff on all Colombian goods entering the United States (US), with the intention of raising the rate to 50% within a week. The move followed Colombia’s refusal to allow two US military planes carrying deported migrants to land.

In retaliation, Colombia, a key U.S. trading partner and oil supplier, threatened to impose tariffs on U.S. imports. According to data from analytical firm Kpler, the United States is the largest buyer of Colombia’s seaborne oil exports, purchasing 183,000 barrels per day (bpd) in 2024, representing 41% of Colombia’s total exports. Additionally, data from the U.S. Energy Information Administration show that in 2023, the United States imported 228,000 barrels per day of crude oil and products from Colombia.

On Monday, the White House made a surprise announcement that “Colombia has agreed to all of President Donald Trump’s conditions, including the unconditional acceptance of all illegal aliens from Colombia who return from the United States.”