Oil Steadies Despite Tariff, Red Sea Attacks, 11 Killed in Kenya Protests, Trump Extends Tariff Deadline

Andrew Sheves

Good morning,

🛢️ Oil Steadies Despite Tariff, Red Sea Attacks

Oil steadied near $69 per barrel as traders focused on potential fallout from Trump’s new tariffs and escalating Red Sea attacks, with Brent holding gains after Monday’s 1.9% advance despite OPEC+ announcing larger-than-expected supply increases for August. A second vessel was targeted near Yemen hours after Iranian-backed Houthis claimed responsibility for an earlier ship attack, raising Middle East tensions despite the fragile Israel-Iran truce. Trump announced tariffs starting August 1 on Japan, South Korea and other partners but suggested negotiations remain possible, while diesel markets show tightness with US stockpiles at lowest seasonal levels since 1996. More - Bloomberg

🇰🇪** 11 Killed in Kenya Protests**

At least 11 people were killed and 567 arrested during anti-government protests in Kenya marking the 35th anniversary of the historic Saba Saba democracy demonstrations. Police sealed off central Nairobi with roadblocks and razor wire, stranding hundreds of commuters while opening fire on protesters demanding good governance and accountability from President Ruto’s government. The Kenya National Commission on Human Rights accused police of using excessive force and collaborating with “armed criminal gangs,” while demonstrations spread to 17 of Kenya’s 47 counties with shopping centers set ablaze in some areas. More - BBC

🇺🇸** Trump Extends Tariff Deadline**

President Trump renewed threats to impose steep “reciprocal” tariffs on major trading partners while extending his deadline from July 9 to August 1, sending letters Monday warning of 25% levies on Japan and South Korea and 30% on South Africa. The president called the letters “more or less final offers” but left room for negotiation, saying he’d consider different proposals if countries called with alternative deals. Markets declined on the announcements with the S&P 500 down 0.8%, while Trump has secured only three trade deals since April despite weeks of negotiations with dozens of countries. More - Financial Times

Americas Stability Ratings and News Summary

More Unstable

🇦🇬 Antigua and Barbuda, 🇦🇷 Argentina, 🇧🇿 Belize, 🇧🇴 Bolivia, 🇧🇷 Brazil, 🇨🇦 Canada, 🇨🇴 Colombia, 🇨🇷 Costa Rica, 🇨🇺 Cuba, 🇩🇴 Dominican Republic, 🇪🇨 Ecuador, 🇸🇻 El Salvador, 🇬🇹 Guatemala, 🇬🇾 Guyana, 🇭🇹 Haiti, 🇭🇳 Honduras, 🇯🇲 Jamaica, 🇲🇽 Mexico, 🇳🇮 Nicaragua, 🇵🇦 Panama, 🇵🇪 Peru, 🇱🇨 Saint Lucia, 🇸🇷 Suriname, 🇻🇪 Venezuela

More Stable

No countries were more stable over this period

Unchanged

🇧🇧 Barbados, 🇨🇱 Chile, 🇩🇲 Dominica, 🇬🇩 Grenada, 🇵🇾 Paraguay, 🇰🇳 Saint Kitts and Nevis, 🇻🇨 Saint Vincent and the Grenadines, 🇧🇸 The Bahamas, 🇹🇹 Trinidad and Tobago, 🇺🇸 United States Of Americ

Carpe tomorrow!