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Oil prices slipped from a two-week high during Asian trading on Wednesday after industry data revealed a sharp increase in U.S. crude inventories. Investors remained cautious ahead of further trade tariff announcements expected from President Donald Trump.

As of 21:44 ET (01:44 GMT), Brent Oil Futures for September delivery fell 0.3% to $69.91 per barrel, while West Texas Intermediate (WTI) crude futures declined 0.4% to $68.10 per barrel. Both contracts had reached a two-week peak on Tuesday, driven by concerns over supply disruptions following recent attacks by Houthi forces on shipping lanes in the Red Sea.

A Reuters report on Tuesday detailed that four crew members aboard the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat attack off the coast of Yemen.

US crude stocks jump sharply

The American Petroleum Institute (API) reported on Tuesday a sharp and unexpected rise in U.S. crude oil inventories for the week ending July 4, with a build of 7.1 million barrels—far exceeding the forecasted drawdown of 2.8 million barrels. This followed a previous week’s modest increase of 0.68 million barrels.

Gasoline inventories fell by 2.2 million barrels, while distillate stocks declined by 800,000 barrels. The data suggests weakening demand and potential oversupply challenges in the U.S. market.

Market watchers now await confirmation from the Energy Information Administration (EIA), whose report is due later in the day. If the EIA data mirrors the API trend, it would mark the largest increase in crude inventories since January.

Trump announces copper tariff and more duties incoming

President Trump stated on Tuesday he would impose a 50% tariff on imported copper and plans to soon implement long-promised tariffs on semiconductors and pharmaceuticals.

The day before, he began sending tariff letters notifying 14 countries that sharply higher tariffs would take effect starting August 1. These letters outlined a 25% tariff on all goods from Japan and South Korea, with some countries facing levies as high as 40%.

Late Tuesday, Trump tweeted: “We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon.” He provided no further details, leading investors to adopt a cautious stance amid expectations of a new wave of tariffs.

Jet2 plc (LSE:JET2) posted record financial results for the year ending March 31, 2025, with revenue rising 15% to £7.17 billion and profit before tax increasing 12% to £593.2 million. The company achieved a 12% growth in flown passengers, reaching 19.77 million, and expanded its UK airport network by opening new bases at Bournemouth and London Luton. Strategic investments, including fleet expansion and a share buyback program, highlight Jet2’s commitment to growth and enhancing shareholder value. The company remains optimistic about future prospects, supported by a flexible business model and strong leisure travel demand.

Jet2’s strong financial performance is underpinned by solid revenue and profitability growth, effective equity leverage, and strategic capital management. However, elevated liabilities and some overbought technical indicators suggest caution. The stock appears undervalued, presenting a potential opportunity for investors despite mixed technical signals.

More about Jet2 plc
Jet2 plc is a leading Leisure Travel Group encompassing Jet2holidays, the UK’s top ATOL-protected package holiday provider to Mediterranean, Canary Islands, and European destinations, and Jet2.com, the UK’s third-largest airline by passenger numbers, specializing in scheduled holiday flights. The company operates from 13 UK airport bases, offering both package and flight-only options.

GSTechnologies Ltd (LSE:GST) has raised a total of £1.925 million through a retail offer (£175,000) and a placing of new ordinary shares (£1.75 million). The capital raised will be used to expand the company’s Bitcoin treasury reserve, supporting its GS Money strategy and reinforcing its position in the digital asset market.

Despite facing operational and profitability challenges reflected in weak financial performance and technical indicators, GSTechnologies’ recent strategic acquisitions provide potential growth avenues that partially mitigate the negative outlook.

About GSTechnologies

GSTechnologies Ltd is a fintech firm developing a borderless neobanking platform and next-generation digital money solutions. The company is advancing its Bake Cryptocurrency Platform and focuses on digital assets, including Bitcoin.

Hunting PLC (LSE:HTG) announced a strong trading update for the first half of 2025, with EBITDA growing 16% year-on-year to an estimated $68–$70 million, fueled primarily by solid performance in its OCTG (Oil Country Tubular Goods) division. The company plans to raise its targeted annual dividend by 13% and has initiated a $40 million share buyback programme to enhance shareholder value.

Recent acquisitions, including Flexible Engineered Solutions and Organic Oil Recovery technology, are expected to drive growth and improve capital returns in line with Hunting’s 2030 strategic vision. The firm reported a healthy sales order book of $450 million and a tender pipeline worth $1.1 billion, despite ongoing market volatility. Additionally, restructuring efforts in the EMEA segment are forecasted to generate annual savings of $10 million. Hunting continues to pursue further M&A opportunities to strengthen its market position.

While the outlook reflects strong revenue momentum and a solid balance sheet, profitability challenges and bearish technical indicators present some caution. Positive corporate developments and a competitive dividend yield provide optimism, though valuation concerns persist due to a negative P/E ratio.

About Hunting PLC

Hunting PLC is a precision engineering group serving the oil and gas sector, specializing in OCTG, subsea technologies, and advanced manufacturing. The company operates globally with key markets in North America, Asia Pacific, and EMEA.

SRT Marine Systems PLC (LSE:SRT) has reported a remarkable surge in revenue for the fiscal year ending June 2025, with sales soaring 423% to £77.5 million alongside a pre-tax profit of £4.4 million. The company recently landed a substantial $213 million contract with the Kuwait Coast Guard and currently holds active contracts totaling £320 million. Furthermore, its validated project pipeline is valued at £1.4 billion, positioning SRT for continued expansion.

Upcoming product launches, including the NEXUS transceiver, and the resumption of financial guidance by its partner Cavendish further bolster the company’s growth outlook. SRT’s strong market position in maritime surveillance reflects growing demand for digital solutions aimed at improving security, safety, and environmental sustainability across the maritime sector.

Despite clear business momentum driven by high-value contracts and innovation, SRT faces financial challenges that temper its outlook. While technical market indicators remain favorable, concerns around financial stability and valuation persist.

About SRT Marine Systems

SRT Marine Systems PLC is a leading player in the global maritime domain awareness industry, delivering cutting-edge technologies and systems that promote maritime safety, security, and environmental stewardship. Their portfolio includes proprietary tools like advanced analytics, data fusion, and augmented visualization, catering to a broad customer base spanning government agencies to commercial vessel operators worldwide.

ZIGUP plc (LSE:ZIG) has released its full-year results for the period ending April 30, 2025, highlighting strong operational achievements and an optimistic outlook. While overall revenue dipped slightly, the company recorded a 2.3% rise in underlying revenue, supported by strong performances in its rental division. ZIGUP expanded its market share notably in Spain and maintained steady vehicle supply alongside stable market conditions.

Strategic moves, including new collaborations and technological upgrades, have strengthened the company’s growth prospects with an emphasis on creating sustainable value for shareholders. Reflecting confidence in its financial health and future opportunities, ZIGUP increased its dividend payout by 2.3%.

Despite some financial headwinds such as rising debt levels and negative free cash flow, the company’s robust valuation, encouraging corporate developments, and favorable technical indicators underpin investor interest. Additionally, its attractive dividend yield adds to the stock’s appeal.

About ZIGUP plc

ZIGUP plc is a prominent provider of integrated mobility solutions, offering a wide-ranging platform that supports various stakeholders—including businesses, fleet operators, insurers, and OEMs—across the entire vehicle lifecycle. Its services encompass vehicle rental, fleet management, accident and repair services, and maintenance. The company is also noted for its commitment to social mobility and efforts to bring young talent into the automotive sector.

Finseta plc (LSE:FIN) posted a 16% increase in revenue during the first half of 2025, reaching £5.9 million, driven by a growing active customer base. Although there was a slight dip in gross margin, the company continues to invest in key growth areas, including its corporate card program and expansion efforts in Canada and Dubai. These initiatives are expected to drive further revenue gains and improved profitability in the latter half of the year as market conditions normalize and new customer transactions pick up.

Finseta’s outlook is supported by a solid financial recovery and focused growth strategy. While technical indicators hint at some short-term volatility, positive corporate developments and a reasonable valuation underpin a constructive future view. Continued attention to managing leverage and broadening operational reach could further enhance the company’s prospects.

About Finseta plc

Finseta plc is a London-based foreign exchange and payments firm offering multi-currency accounts and payment solutions for businesses and individuals. Utilizing a proprietary technology platform, the company operates across more than 165 countries and supports over 150 currencies. With over 15 years of industry experience, Finseta is regulated by several authorities, including the UK’s Financial Conduct Authority, Canada’s Financial Transactions and Reports Analysis Centre, and the Dubai Financial Services Authority.

Close Brothers Group plc (LSE:CBG) has announced a strategic realignment of its Premium Finance division, shifting focus towards commercial lines insurance premium finance. This sector offers stronger risk-adjusted returns and greater growth prospects compared to personal lines, which the company plans to scale back due to increasing costs and changing market dynamics.

As part of this transition, Close Brothers intends to enhance operational efficiency by modernizing its technology infrastructure and streamlining processes, targeting annual cost savings of around £20 million by 2030. This shift will also involve exiting certain broker partnerships, affecting a small segment of the business, but is expected to drive improved profitability and long-term returns.

The company’s outlook benefits from solid technical signals and positive corporate developments that support investor confidence. However, challenges remain in revenue generation and cash flow stability, coupled with a weak valuation reflected in a negative price-to-earnings ratio, highlighting the need for ongoing financial improvements.

About Close Brothers Group

Close Brothers is a prominent UK merchant banking group offering a range of services including lending, deposit-taking, and securities trading. With a workforce of approximately 3,000 employees primarily across the UK and Ireland, the company is listed on the London Stock Exchange and is a member of the FTSE 250 index.

Union Jack Oil plc (LSE:UJO) has entered into a farm-in agreement with Reach Oil and Gas Inc to acquire a 60% working interest in the Sark well located in Oklahoma, USA. Scheduled for drilling in early Q3 2025, the project targets an estimated 1.44 million barrels of recoverable oil resources.

This move aligns with Union Jack’s strategic goal to grow its footprint in the U.S. onshore oil sector following recent achievements. The addition of the Sark well is expected to bolster the company’s asset base and enhance its position within the North American energy market.

About Union Jack Oil plc

Union Jack Oil is a UK and U.S.-focused oil and gas company engaged in hydrocarbon production, exploration, development, and investment. The firm aims to expand its portfolio and operations in the U.S. to complement its established UK activities, driving growth and diversified revenue streams.

Galliford Try Holdings plc (LSE:GFRD) has signaled that its financial results for 2025 are set to outperform market forecasts, with both revenue and adjusted profit before tax expected to come in slightly above the highest analyst predictions. This robust showing is driven by sustained success across its core divisions and specialist services, notably within water and highways projects.

The company is targeting sustainable margin improvements by 2030, supported by a strong balance sheet free of pension obligations and bank debt. With an order book valued at £4.1 billion, approximately 90% of projected revenue for the coming year is already secured. Galliford Try remains optimistic about ongoing opportunities in the UK’s social infrastructure and economic development sectors.

Financial indicators reflect a solid recovery and appealing valuation, while technical analysis points to positive momentum, though the stock may be approaching overbought territory. Additionally, a recent share buyback program underscores management’s commitment to enhancing shareholder returns and confidence.

About Galliford Try Holdings plc

Galliford Try is a prominent UK-based construction and infrastructure group, publicly traded on the London Stock Exchange. Operating under the Galliford Try and Morrison Construction brands, the company delivers a broad range of building and infrastructure projects, including environment, highways, and social infrastructure, serving clients across public, private, and regulated markets throughout the UK.