On January 20, 2025, speculation surrounding the potential return of Donald Trump to a maximum pressure campaign on Iran raised concerns about the country's economy. Analysts suggest that such a move could result in a $30 billion loss for Iran, which has recently increased its oil exports to approximately 1 million barrels per day, primarily to China. This shift has been facilitated by a period of relaxed U.S. enforcement of sanctions.
In related economic news, Canadian oil prices experienced a rally amid indications that President-elect Donald Trump may delay the imposition of tariffs on Canadian crude oil. The price of Western Canadian Select (WCS) crude for the second quarter was reported at a $14 per barrel discount compared to the U.S. benchmark West Texas Intermediate (WTI), a decrease from a $16 discount noted previously. Additionally, the discount for March delivery of WCS narrowed to $12.90 per barrel from $14.75.