Oil Updates — crude extends climb on supply fears, trade war concerns cap gains
Updated 01 April 2025
Reuters
SINGAPORE: Oil prices inched higher on Tuesday after threats by US President Donald Trump to impose secondary tariffs on Russian crude and attack Iran, though worries about the impact of a trade war on global growth capped gains.
Brent futures rose 21 cents, or 0.3 percent, to $74.98 a barrel at 9:45 a.m. Saudi time, while US West Texas Intermediate crude futures climbed 22 cents, or 0.3 percent, to $71.70.
The contracts settled at five-week highs a day earlier.
“Near-term risks are skewed to the upside, with US threats of secondary tariffs on Russian and Iranian oil leading market participants to price for the risks of tighter oil supplies,” said Yeap Jun Rong, market strategist at IG.
However, broader themes still revolve around concerns of upcoming tariffs weighing on global demand, along with prospects of increased supply from OPEC+ and the US, said Yeap.
A Reuters poll of 49 economists and analysts in March projected that oil prices would remain under pressure this year from US tariffs and economic slowdowns in India and China, while OPEC+ increases supply.
Slower global growth would dent fuel demand, which might offset any reduction in supply due to Trump’s threats.
After news of Trump’s threats initially boosted prices on Monday, traders told Reuters they viewed the president’s warnings to Russia, at least, as a bluff.
Trump, on Sunday, told NBC News that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25 percent to 50 percent on Russian oil buyers if Moscow tries to block efforts to end the war in Ukraine.
Tariffs on buyers of oil from Russia, the world’s second largest oil exporter, would disrupt global supply and hurt Moscow’s biggest customers, China and India.
Trump also threatened Iran with similar tariffs and bombings if Tehran did not reach an agreement with the White House over its nuclear program.
“For now, it appears to be just a threat to Russia and Iran. However, if it becomes a reality, it creates plenty of upside risk to the market given the significant oil export volumes from both countries,” said ING commodities strategists on Tuesday.
The market will be watching for weekly inventory data from US industry group the American Petroleum Institute later on Tuesday, ahead of official statistics from the Energy Information Administration on Wednesday.
Five analysts surveyed by Reuters estimated on average that US crude inventories fell by about 2.1 million barrels in the week to March 28.
Artificial intelligence is transitioning into a ‘digital employee’
AI can be an effective tool, business leaders tell Arab News
Not about jobs, but ‘convergence of human capital and AI’
Updated 27 February 2026
Hebshi Alshammari
RIYADH: Artificial intelligence is fundamentally reshaping the world of work, transitioning from a supporting tool to an active partner that is radically changing the nature of professions and productivity standards.
Amidst the current global transformations, an active regional digital environment is emerging.
This is being led by Saudi Arabia through Vision 2030 and massive investments in smart infrastructure, providing a living model for studying the implications of this partnership between humans and machines on the future of work in the region.
Arab News spoke to various business leaders about the emerging shape of the sector.
Salem Bagami, co-founder of Metatalent, said the ideal relationship between humans and machines at work should be complementary and collaborative.
Humans would bring creativity, emotional intelligence, and complex decision-making, while machines excel at processing big data and performing repetitive, precise tasks.
He believes that this type of balanced partnership would lead to unprecedented productivity and innovation.
While machines excel at processing big data and performing repetitive, precise tasks, humans would bring creativity, emotional intelligence, and complex decision-making. (Supplied)
Mohammad Al-Jallad, chief technologist and director at HPE, said AI has gone beyond being merely an executive tool to becoming a “digital employee” entrusted with automating routine tasks and providing insights based on data analysis.
He believes that the real opportunity lies not in the debate over job replacement, but in “the convergence of human capital and artificial intelligence.”
AI should augment human teams by taking on menial and routine tasks, enabling employees to focus on critical thinking, creativity, and ethical reasoning, significantly improving operational results.
Bagami also emphasized the complementary nature of this partnership. “The ideal relationship between humans and machines at work is one of collaboration, where each complements the others.”
He explained that humans bring creativity, emotional intelligence, and nuanced decision-making, while machines excel at processing big data and performing repetitive tasks efficiently, leading to increased productivity and innovation.
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Salem Alanazi, chairman of Jathwa Technology Co., notes a significant trend among Saudi Arabia companies toward using AI applications to provide faster services to customers at lower costs.
The emergence of the “virtual employee” available around the clock has eliminated the need for some traditional jobs in specific sectors.
Alanazi warns that some companies’ reluctance to adopt AI may expose them to real risks. “All those who hesitated to benefit from AI applications have a lack of understanding of these technologies.”
He said those who adopt these technologies will be able to offer lower-cost, higher-quality services, which will affect the market position of companies that lag behind.
Ali Aljumhour, CEO of VALUE Consultancy, said that the transition of AI into a partner has reshaped the list of most in-demand skills in the job market.
Skills such as “prompt engineering,” “human-machine integration,” and “digital ethics” are becoming increasingly important.
He added that AI has become an instantly available “technical knowledge base,” shifting the criteria for professional distinction toward those capable of smart interaction with these technologies.
In terms of ethics, transparency, and trust, Alanazi points to the complexities of global AI governance, where legislation overlaps and evolves rapidly to keep pace with potential risks, particularly in the areas of cybersecurity and privacy.
Ali Aljumhour, CEO of VALUE Consultancy. (Supplied)
Al-Jallad emphasizes this crucial dimension, noting that providing responsible and reliable AI solutions that meet the highest standards of transparency is a key priority, especially in regulated sectors.
Bagami believes there should be basic standards for the ethical use of Al, emphasizing the need for transparency, accountability, and fairness, along with using diverse data sets to prevent bias and protect privacy.
He believes that building trust between humans and machines requires clear explanations of how systems work, giving users the opportunity to provide feedback and conducting periodic performance reviews.
On performance evaluation, Aljumhour said: “I expect radical changes in standards, shifting from measuring individual effort to evaluating the quality of the partnership between humans and machines.”
There should be a focus on the quality of inputs provided to intelligent systems, the accuracy of review and modification, and complex decision-making based on outputs.
He warns, however, of new risks that may arise, such as over-reliance on AI or difficulty in determining responsibility for mistakes.
In the employment sector, Aljumhour expects fundamental changes in standards.
There will be questions and tests focusing on measuring skills in dealing with AI, such as asking candidates about their experiences of collaborating with these systems, or testing their ability to formulate effective requests for complex tasks.
Aljumhour identifies significant human challenges in this transition, with “fear, loss of power, and exclusivity of knowledge” being the biggest concerns for experienced employees.