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Oil prices fell sharply Thursday following U.S. President Donald Trump’s announcement of sweeping new tariffs on global trading partners, intensifying fears of a global trade war and weakening oil demand prospects.
Brent crude futures dropped $1.97, or 2.63%, to $72.98 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.98, or 2.76%, to $69.73 as of 0033 GMT. The decline came after both benchmarks had posted gains in the previous session but reversed course following Trump’s press conference on Wednesday.
During the press event, Trump declared April 2 “Liberation Day” and introduced a 10% baseline tariff on all U.S. imports, with steeper duties targeting key trading partners. Although oil, gas, and refined products were exempt from the new tariffs, analysts warn the broader economic impact could still weigh heavily on energy markets.
“This move will negatively affect global trade, slow economic growth, and eventually curb oil demand,” said Bjarne Schieldrop, chief commodities analyst at SEB. “However, the full impact will take time to unfold.”
Trump’s aggressive trade policy is also seen as inflationary, potentially dampening consumer spending and industrial activity—factors crucial to sustaining oil demand. These fears were further fueled by the latest U.S. Energy Information Administration (EIA) report, which showed a surprising 6.2 million-barrel increase in U.S. crude inventories last week, contrary to analysts' expectations for a 2.1 million-barrel decline.
The combination of heightened trade tensions, bearish inventory data, and slowing demand growth signals a potentially volatile period ahead for global oil markets, with prices vulnerable to further downward pressure as geopolitical uncertainty lingers.
