Why Oil Traders Are Facing Fading Volatility Thanks to Trump Tariffs

Shell CEO on Earnings, Crude Trading, LNG Demand

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By Mia Gindis and Alex Longley

July 31, 2025 at 10:36 AM EDT

The oil market is flatlining.

After months of uncertainty sparked by global geopolitical tensions and US President Donald Trump’s tariff proposals, crude traders have increasingly retreated to the sidelines. That has reduced liquidity and volatility in the crude market, two things often required to generate profits.