Oil prices climbed due to potential U.S. tariffs on Canadian and Mexican exports, with Brent and West Texas Intermediate futures experiencing notable gains.

According to estimates, if President Trump's proposed tariffs go into effect permanently, the United States' GDP would decrease by 0.4 percent. Of this, 0.3 percent would be from the 25 percent tariff on all imports from Canada and Mexico, while 0.1 percent would be from the 10 percent tariff on all imports from China. As of February 10, China imposed retaliatory tariffs on the United States, with a 15 percent tariff on coal and liquid natural gas, and a 10 percent tariff on other exports, including oil, machinery, and large motor vehicles.

US oil refiners are pivoting to new crude sources amid rising tariffs on Canadian and Mexican imports, impacting global trade routes and costs.

Goldman Sachs predicts a $10 billion annual impact on foreign producers due to U.S. oil tariffs, affecting Canadian and Latin American markets while benefiting U.S. refiners.

As of April 9, 2025, the United States levied a revised baseline of ** percent on all goods imported from countries of the Middle East and North Africa .Based on the initial tariff calculation of April 3, the rates of imported goods would have varied by country in the region, with Syria and Iraq at ** and ** percent, respectively. Tariffs and their effects he intertwined nature of global trade and supply chains implies that the shockwaves of significant policy changes and economic turbulences spread more easily across countries. This was illustrated in the effects of new United States tariffs on Arab countries, where projections show a *** percent decrease in investments in the Gulf Cooperation Council (GCC). Meanwhile, the impact of these tariffs on the Middle East and North Africa (MENA) imports forecast a ** percent decrease in imports from the United States to the Arab region. Middle East-United States trade relations The nature of trade relationships between the United States and the Middle East is often influenced by geopolitical and security realities, with Israel, UAE, and Saudi Arabia being the leading bilateral trading partners. A particularly strong trade relationship exists between the GCC countries and the United States, evident in the value of exports from the former to the latter. On the other hand, the value of exports from the broader Arab region to the United States fell considerably in the last decade, largely due to petroleum and oil revenue decrease.

Despite possible tariffs, Enbridge's CEO states that the Canada-U.S. oil trade will remain resilient due to deep integration of energy systems.

US Tariff Impact on Market

The imposition of US tariffs could have a significant impact on the global quantum sensors market, particularly for the oil and gas and atomic clock segments, which rely heavily on precision components sourced globally. Tariffs on key materials such as semiconductors, optical components, and specialized metals could lead to a 4-6% increase in production costs.

This rise in costs could ultimately be passed on to consumers, slowing adoption rates, particularly in price-sensitive sectors like oil and gas. Additionally, companies that rely on global supply chains for manufacturing quantum sensors may experience delays in component availability, impacting overall production timelines.

While some businesses may seek to reduce the impact by sourcing materials locally or from non-tariffed regions, the overall price increase may delay widespread commercial deployment, especially in the energy and telecommunications sectors. Despite this, the market’s long-term potential remains strong, as the benefits of quantum sensors continue to drive demand.

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Economic Impact

• Increased production costs by 4-6% due to higher tariffs on precision components.
• Higher costs may slow adoption in price-sensitive sectors like oil and gas.
• Production delays could hinder the market's overall growth.

Geographical Impact

• North America could experience slower adoption due to tariff-induced cost hikes.
• Global supply chains may be disrupted, particularly in Asia, affecting sensor availability.
• Regions relying on international imports for sensor components will face delays and higher prices.

Business Impact

• Increased costs could lead to higher product prices, limiting market penetration.
• Companies may need to adjust pricing models or invest in local manufacturing to mitigate tariff effects.
• Smaller companies might struggle with tariff-induced cost increases, affecting their market competitiveness.

US Tariff Impact Percentage for Impacted Sector

The atomic clock and oil and gas segments, accounting for 38.2% and 28.5% of the market share, respectively, could face a 4-6% increase in production costs due to tariffs on imported components, leading to higher product prices across these key sectors.

Crude Oil fell to 67.26 USD/Bbl on August 1, 2025, down 2.89% from the previous day. Over the past month, Crude Oil's price has fallen 0.28%, and is down 8.51% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on August of 2025.

As of 2024, the value of petroleum and crude oil exports from the Arab region to the United States was worth **** billion U.S. dollars. In comparison to 2013, the export at this commodity value decreased by over ** billion U.S. dollars.

US Tariff Impact on Market

The introduction of tariffs on key components of gas detection equipment has had a noticeable impact on production costs and supply chains. The US tariff on imported components, especially for sensors and detectors, has increased costs by approximately 10-15% for manufacturers, which could lead to higher prices for end-users.

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This has put pressure on the profit margins of companies that rely heavily on imported materials, particularly those serving sectors such as oil and gas. The tariff impact has resulted in manufacturers exploring alternative suppliers and reshoring some production, though the impact on the market’s growth is likely to be minimal in the long term as companies adapt.

• Economic Impact (50 words): Increased tariffs on key components are expected to raise production costs by 10-15%, which may reduce profit margins. Companies may pass on the increased costs to consumers, leading to potential slowdowns in demand for gas detection equipment, especially in price-sensitive sectors like small-scale manufacturing.
• Geographical Impact (50 words): The US, a significant player in the gas detection equipment market, faces higher costs due to tariffs on imported components, which could disrupt supply chains and lead to regional shifts in production. Asia-Pacific, which has a strong manufacturing base, might benefit from these geographical shifts.
• Business Impact (50 words): US-based companies are focusing on finding new suppliers and adopting cost-saving technologies to mitigate tariff impacts. The industry is likely to witness short-term price hikes, but long-term growth is expected as businesses invest in local manufacturing capabilities or diversify their supply chains to reduce dependency on foreign components.

Discover the implications of potential U.S. tariffs on Canadian oil imports and how the Trans Mountain Pipeline is poised to become a critical asset in optimizing Canada's oil export routes, especially toward Asian markets.

Canada's oil and gas field service operators have experienced volatile market conditions throughout 2025. World commodity prices performed well throughout the reporting period. However, the period did start slowly in 2020 amid the pandemic as oil and gas prices started very low. As economic conditions improved from the pandemic's peak, the need for oil and gas returned to pre-pandemic levels and even reached new highs. As a result, revenue has been increasing at a CAGR of 9.8% over the past five years, reaching an estimated $ 49.5 billion in 2025. This includes a 3.6% dip in 2025 alone, when profit is set to reach 11.4%. The dip in 2025 can be mainly attributed to the uncertain geopolitical tensions from the energy tariffs imposed by the US, causing oil prices to drop drastically. While energy trade between the US and Canada hasn't been impacted, the impact on global prices has bled into Canadian prices. The swelling popularity of highly efficient enhanced oil recovery techniques has created a mixed impact for oil and gas field service providers. While these advanced methods generate higher-margin service opportunities, their increased efficiency means that fewer rigs and, thus, fewer field services are needed overall. After an initial surge in demand as extraction companies implemented new technologies, the ongoing need for field services has gradually pushed down. Revenue is set to push up at a CAGR of 0.9% over the next five years, reaching an estimated $51.7 billion in 2030. With the world oil and gas prices forecast to drop, this will likely adversely impact oil and gas field service companies with shrinking demand. Even so, Canadian oil prices are still set remain steady since they won't be as impacted by tariffs as the rest of the global economy. Nonetheless, there is a lack of sufficient pipeline infrastructure to bring commodities to markets. If this infrastructure can be expanded, it will likely benefit commodity prices and industry revenue.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of June. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Oil prices decline amid market sell-offs, US tariff measures, and geopolitical tensions. Learn about contributing factors like OPEC+ plans, China's fuel focus shift, and the strong US dollar.

The monthly crude oil price index worldwide reached 150.37 index points in May 2025. Prices decreased compared to the previous month as economic activity was expected to fall following U.S. tariff announcements.

Over the past five years, the US oil pipeline transportation industry has contracted, shaped by shifting production trends, challenging economic conditions and an evolving energy landscape. The remarkable rise of domestic oil production, enabled by fracking and drilling technology advancements, initially drove strong demand for pipeline capacity. However, greater geopolitical conflict, particularly in Ukraine and the Middle East, accelerated efforts to transition toward renewable energy, posing challenges for the industry's future. Regulatory uncertainty, environmental protests and the cancellation of high-profile projects have heightened operational risks for pipeline operators. At the same time, the industry has faced mounting cost pressures from volatile input prices and increasing labor and compliance costs. Over the past five years, industry revenue is projected to dip at a CAGR of 1.7% to $15.4 billion, including a current-year decline of 1.4%. Profit remains stable at 15.1% of revenue for 2025. Market consolidation remains a central theme, with established firms leveraging strong balance sheets to acquire distressed or strategically valuable assets as smaller operators delay new projects amid tight liquidity. Despite cost containment and operational efficiency efforts, the sector continues to navigate internal and external challenges. Oil fluctuations in oil production and shifting demand patterns affect pipeline utilization rates. Higher regulatory and environmental hurdles have driven up permitting costs and slowed the pace of new builds. Meanwhile, the increasing focus on maintenance and upgrades over new construction fosters greater competition for skilled labor, pushing up industry wage costs and complicating workforce management. Digital transformation, including automation and advanced monitoring, has become vital for cost control, efficiency and regulatory compliance. The oil pipeline transportation industry is expected to continue facing subdued growth as the US energy market transitions gradually away from fossil fuels and toward renewables. Deregulation could lower compliance costs and simplify pipeline expansion and crude production, potentially boosting operator revenue. Interest rate cuts may also drive more M&A activity, further reshaping the competitive landscape. At the same time, tariffs on imported crude may raise costs, encouraging more domestic production, but also risking retaliatory tariffs that could diminish US oil export demand. Industry stakeholders are responding to these pressures by investing in advanced technologies that enhance operational security and efficiency, such as cybersecurity solutions, blockchain and cloud-based systems. Over the next five years, revenue is projected to grow marginally, at a CAGR of 0.1%, reaching $15.4 billion by 2030. Nevertheless, profit will rise to 16.1% by 2030, reflecting continued industry adaptation and resilience in a rapidly evolving operating environment.

In May 2025, the average price of Oriente crude oil from Ecuador amounted to 57.11 U.S. dollars per barrel. This was lower than prices earlier in the year as announcements over U.S. trade tariffs led to market uncertainty and put downward pressure on crude prices.

The United States recorded a trade deficit of 71.52 USD Billion in May of 2025. This dataset provides the latest reported value for - United States Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Oil prices remain stable as markets assess the impact of Iraqi drone attacks and U.S. tariff uncertainties, with insights on production and demand trends.

During the first quarter of 2025, the sesame oil prices in the USA reached 7,700 USD/MT in March. As per the sesame oil price chart, tariffs and trade agreements, including those related to US-China trade tensions, have affected the import and export of sesame oil, impacting prices in the USA.

Explore IMARC’s newly published report, titled “Sesame Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of sesame oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.