Global oil prices retreated as markets reacted to OPEC+ supply increases and renewed trade tensions sparked by the United States. Brent crude dipped 0.3% to $68.96 per barrel, down from $69.18, while U.S. benchmark West Texas Intermediate (WTI) fell 0.4% to $66.74, compared to $67.04 in the previous session.
The decline followed President Donald Trump’s announcement of sweeping new tariffs, disclosed via social media on Monday, targeting 14 countries with additional customs duties starting August 1.
All imports from Japan and South Korea will face a 25% tariff, while goods from countries like South Africa and Bangladesh will see duties rise as high as 40%, and items rerouted through third nations may face even harsher penalties.
Trump’s letters also warned that any retaliation would trigger further increases, amplifying concerns over global trade flows and oil demand. Meanwhile, OPEC+ members including Saudi Arabia, Russia, and the UAE, agreed to boost oil production by 548,000 barrels per day in August, marking another step in unwinding voluntary cuts of 2.2 million bpd phased out since April.
This added supply, paired with tariff-induced economic uncertainty, heightened fears of a potential oil market oversupply, driving prices lower.
