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Hello Power Up readers,

I'm back after a short break. A big thanks to Gavin Maguire for handling last Thursday's newsletter.

President Donald Trump is once again keeping investors on the edge of their seats. Oil traders are eagerly waiting for the tiniest development on the U.S.-Iran front, though they, like us, are none the wiser than a week ago. A third round of indirect talks between the U.S. and Iran is scheduled for Thursday in Geneva, but the gulf between the two sides still appears to be wide.

Iran has indicated it is prepared to make concessions on its nuclear programme in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a U.S. attack. But the U.S. has repeatedly demanded zero enrichment.

Meanwhile, U.S. military forces continue to amass in the region.

Brent crude prices are trading above $70 a barrel at the moment, close to the highest level since last August, suggesting investors remain edgy over the prospect of conflict in the Middle East.

Compounding the confusion in global energy markets is last week’s news that the U.S. Supreme Court had struck down key parts of President Trump's tariff plans, prompting the president to impose a blanket 15% tariff on U.S. imports. More on this below in an article by Reuters reporters Georgina Mccartney, Arathy Somasekhar and Curtis Williams.

Here are a few more headlines:

As always, don’t hesitate to contact me at ron.bousso@thomsonreuters.com or follow me on LinkedIn with any questions or thoughts.

The U.S. Supreme Court's Friday tariffs ruling may ease costs for some oil producers and drillers, but experts and analysts believe that broader energy flows would likely remain unchanged for now, Reuters reporters write.

The court's ruling could reduce the cost of building LNG plants and other large-scale energy infrastructure that rely on modules and other parts manufactured in foreign countries hit by tariffs. Venture Global, for example, builds its LNG plants piecemeal in Italy before importing the components into the U.S. for final assembly.

Trump's tariffs raised costs for U.S. crude producers and service companies up the value chain, hitting imported equipment and materials. Many absorbed the additional costs; others tried to pass them on to customers.

"We were forecasting that we would have to pay around $5 to $6 million in tariff taxes in 2026, so that number will come down, hopefully," said Cam Hewell, president and CEO of Premium Oilfield Technologies, which manufactures and sells spare parts and equipment to oilfield companies.

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