Oil prices declined on Monday following President Donald Trump's announcement of an increase in U.S. tariffs on global imports. The move has triggered uncertainty regarding global economic growth and future fuel consumption.
اضافة اعلان
Market Performance
Brent Crude Futures: Dropped 45 cents (0.63%) to $71.31 per barrel by 23:15 GMT.
U.S. West Texas Intermediate (WTI) Crude Futures: Fell 50 cents (0.75%) to $65.98 per barrel.
Tariff Escalation
On Saturday, President Trump stated that he would raise temporary tariffs from 10% to 15% on U.S. imports from all countries. This represents the maximum limit permitted by law, following the U.S. Supreme Court's decision to strike down his previous tariff program.
Geopolitical Context
The decision to impose these tariffs helped offset the impact of rising risks of a military conflict between the United States and Iran. Those geopolitical tensions had previously pushed both Brent and WTI prices up by more than 5% last week.
— Reuters
