Oil Updates — prices ease as market weighs Trump tariff threats and US stock build

US West Texas Intermediate crude for September dropped 17 cents, or 0.2 percent, to $69.83 a barrel. Shutterstock
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Updated 31 July 2025
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Oil Updates — prices ease as market weighs Trump tariff threats and US stock build

  • Market awaiting more clarity after Trump tariff threats
  • Higher US crude stocks were unexpected
  • Decline in gasoline stocks reflect driving season demand

LONDON: Oil prices fell on Thursday as investors weighed the supply risks from US President Donald Trump’s push for a swift resolution to the war in Ukraine through more tariffs, while a surprise build in US crude stocks on Wednesday also weighed on prices.

Brent crude futures for September, set to expire on Thursday, declined by 61 cents, or 0.83 percent, to $72.63 a barrel by 3:26 p.m. Saudi time. US West Texas Intermediate crude for September fell 68 cents, or 0.97 percent, to $69.32.

Both benchmarks lost ground on Thursday after recording 1 percent gains on Wednesday.

“The market front-runs the implications of President Trump’s announcements before remembering that these policy intentions can turn on a dime if he can strike a deal,” said Harry Tchiliguirian at Onyx Capital Group.

“We’re seeing a re-evaluation until there is more clarity,” he added.

Trump said he would start imposing measures on Russia, including 100 percent secondary tariffs on its trading partners, if it did not make progress on ending the war in Ukraine within 10-12 days, moving up an earlier 50-day deadline.

The US has also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it kept buying.

On Wednesday, the US Treasury Department announced fresh sanctions on more than 115 Iran-linked individuals, entities and vessels, stepping up the Trump administration’s “maximum pressure” campaign after bombing Iranian nuclear sites in June.

Meanwhile, US crude oil inventories rose by 7.7 million barrels to 426.7 million barrels in the week ending July 25, driven by lower exports, the Energy Information Administration said on Wednesday. Analysts had expected a draw of 1.3 million barrels.

Gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a draw of 600,000 barrels.​

“US inventory data showed a surprise build in crude stocks, but a bigger than expected gasoline draw supported the view of strong driving season demand, resulting in neutral impact on the oil market,” said Fujitomi Securities analyst Toshitaka Tazawa.


Cruise Saudi strengthens global ties as Celestyal makes maiden calls to Jeddah

Updated 52 min 19 sec ago
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Cruise Saudi strengthens global ties as Celestyal makes maiden calls to Jeddah

JEDDAH: Saudi Arabia is accelerating its push to become a global cruise hub, with Cruise Saudi — a wholly owned Public Investment Fund subsidiary — expanding international partnerships to draw more travelers to the Kingdom’s Red Sea and Arabian Gulf ports.

The latest milestone came as award-winning Greek cruise line Celestyal completed its first-ever calls to Jeddah, signaling rising global interest in Saudi Arabia’s cultural and natural attractions.

The visits form part of Cruise Saudi’s strategy to build a year-round cruise ecosystem that supports tourism growth, boosts local supply chains, and contributes to the Kingdom’s broader economic diversification.

Three UNESCO World Heritage Sites — AlUla, Jeddah Historic District, and Al-Ahsa Oasis — are now accessible by sea, with curated shore excursions designed to deepen visitor engagement.

Cruise Saudi aims to welcome 1.3 million cruise passengers annually by 2035, creating 50,000 direct and indirect jobs and positioning the Kingdom as a premier international cruise destination.

The 1,360-passenger Celestyal Discovery arrived in Jeddah on Dec. 5, following the 1,260-passenger Celestyal Journey, which made its maiden call on Nov. 29. The Journey concluded a seven-night Athens–Jeddah itinerary with stops in Turkiye and Egypt, marked by a traditional plaque exchange ceremony attended by Cruise Saudi executives, port officials and Celestyal representatives.

Passengers were welcomed with traditional Saudi hospitality and toured Jeddah’s historic Al-Balad district, bustling souks, and cultural sites. Some Muslim travelers also visited Makkah to perform Umrah.

“We are honored to celebrate our maiden call in Jeddah alongside our partners at Cruise Saudi, marking the beginning of a long and effective relationship,” said Lee Haslett, chief commercial officer at Celestyal.

He added that Jeddah’s role as “the cultural heart of Saudi Arabia” presents strong potential for cruise tourism.

Barbara Buczek, chief destination experiences officer at Cruise Saudi, told Arab News: “This maiden Red Sea sailing highlights the strong appeal of the region and aligns with Cruise Saudi's commitment to developing seamless, high-quality cruise experiences in Saudi Arabia.”

She noted that Celestyal’s expanded itineraries reflect rising demand for distinctive Red Sea and Arabian Gulf voyages.

Since its launch in 2021, Cruise Saudi has activated five cruise ports, introduced Aroya Cruises, the Kingdom’s first homegrown cruise line, and established Aman at Sea, an ultra-luxury JV with Aman Group set to launch in 2027. The company manages the full value chain — from terminals and berths to curated excursions — and has already welcomed more than 600,000 passengers of over 120 nationalities.

Celestyal, which carries more than 140,000 passengers annually across two refurbished vessels, is aligning with the Kingdom’s Vision 2030 ambition to transform coastal tourism. After departing Jeddah, both Celestyal ships continued to Abu Dhabi to begin the company’s second Arabian Gulf season.

Aroya Cruises has also launched a new seasonal program featuring stops in Mykonos, Athens, Crete, and coastal cities in Turkiye, expanding on a successful inaugural season that attracted over 95,000 guests.

The growing activity underscores Saudi Arabia’s emergence as a world-class cruise destination, supported by modern infrastructure, expanding routes, and experiences that highlight the Kingdom’s culture, heritage and hospitality.