Oil prices are declining amid the escalation of the US trade war

Oil prices dropped sharply after Donald Trump decided to impose tough duties on products from key trading partners, including China and the European Union. These measures have provoked a decrease in demand for energy resources and exacerbated the trade standoff, which could jeopardize global consumption levels.

The price of Brent crude oil fell by 6%, reaching $69.90 per barrel, reflecting the overall decline in global markets. The price of WTI oil dropped to $66.65 per barrel. The latest tariffs have become the most extensive measure of pressure from Trump on the international economic system, which he has long criticized and considers unfair. 

The new global tariffs are a continuation of previously imposed trade restrictions against Canada, Mexico and China. However, the White House clarified that oil, natural gas and other energy resources are not subject to the new trade restrictions. This made it possible to minimize the direct impact of the measures on the fuel markets.