Oil prices slipped Tuesday but held near $90. The White House exempted Canadian crude from new tariffs. US-Iran hostilities sustained the risk premium with no supply cuts priced in.
Brent crude traded near $90 a barrel on Tuesday. The White House exempted Canadian oil from a fresh round of 50% tariffs on Canadian goods including beer and milk. US-Iran hostilities kept the geopolitical risk premium intact, traders said.
Oil prices slipped slightly in early US trading. Brent touched its highest level since mid-June on Monday. The tariff exemption removed the immediate threat of supply disruption from Canada, the largest foreign source of US crude. The broader trade conflict between the two countries remains unresolved. The new levies are set to take effect in 30 days.
President Trump accused Canada of discrimination in its trading practices. The administration explicitly excluded energy imports from the measure. The exclusion covers crude oil and natural gas. Analysts at Goldman Sachs said the carve-out limited the direct impact on crude benchmarks.
The Iran risk factor is harder to price. The latest flare-up in the US-Iran conflict drove Brent back toward $90 on Monday. A direct confrontation involving Strait of Hormuz shipping would dwarf the Canada tariff story in market impact, several oil traders said. Through Tuesday's session, the market is pricing a risk premium without assuming supply is cut.
The commodity move unfolded alongside a broader rise in US equity futures. Nasdaq-100 contracts jumped 1.3%. Chip stocks revived. Nvidia NVDA stock page edged up before the bell after the AI chipmaker disclosed a stake in neocloud provider Nebius. Alphabet GOOGL stock page reports Wednesday. The optimism offset uncertainty around trade policy and the Middle East.
Halliburton HAL stock page is among the companies reporting earnings Tuesday. The stock carries an Alpha Score of 54 out of 100, a Mixed label. AlphaScala's proprietary model assigns the score based on signals from North American drilling activity and international demand. Halliburton's results will offer a read on how oil producers are responding to the price environment.
The weekly US inventory report is due Wednesday from the Energy Information Administration.
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