Oil Markets React to Trump's Tariff Plans

The global oil market experienced a significant downturn, with prices dropping nearly 3% this Friday. This sharp decline comes as investors and analysts worldwide begin to digest the implications of United States President Donald Trump's latest tariff announcements. These tariffs, targeting various countries and industry sectors, are scheduled to take effect on August 7.

Price Movements in Key Oil Benchmarks

West Texas Intermediate (WTI) for September deliveries saw a decrease of 3.09%, settling at $67.18 per barrel by 12:33 pm ET. Similarly, Brent crude for October settlements wasn't spared, sliding by 3.12% to $69.47 per barrel. These movements underscore the market's nervousness in the face of escalating trade tensions.