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The threat of sanctions from Russia is easing the impact of tariffs on oil prices.
Jin10 data reported on August 1, as the deadline for U.S. tariffs passes, oil futures are hovering between slight rises and falls. Tariffs will be implemented starting August 7, exacerbating concerns over demand. Rystad Energy pointed out in a report: "The reason oil prices are gaining support is that the market needs to maintain a risk premium for at least a week for potential secondary sanctions against Russian oil importers. The weak expectations for economic and oil demand growth paths are currently mainly limited to the refined oil market."