Impacted by broad uncertainty, geopolitical risks and trade tensions, the spot U3O8 price fell 13.26 percent during Q1, starting the session at US$74.74 per pound and contracting to US$64.83 by March 31.

As factors outside the uranium sector forced spot price consolidation, long-term uranium prices remained steady, holding at the US$80 level, a possible indicator of the market’s long-term potential.

Although the U3O8 spot price hit nearly two decade highs in 2024, the sector has been unable to find continued support in 2025. Much uncertainty has been introduced this year by the Trump administration's on-again, off-again tariffs, which have infused the already opaque uranium market with even more ambiguity.

As volatility rattles investors, US utility companies have also been impacted by the threat of tariffs.

“There's a lot of speculation,” Per Jander, director of nuclear fuel at WMC, told the Investing News Network (INN) in a March interview. “I think the new administration is unpredictable, and I think that is by design, and (they are) obviously doing a very good job at that. But again, it has ripple effects for players in the market.”