Crude oil prices fall after Trump's first trade curbs undermine sentiment
Brent dropped toward $78 a barrel after logging its first weekly decline this year, with West Texas Intermediate above $74.
Oil fell as President Donald Trump imposed his first set of sanctions and tariffs in a move that highlighted risks to the global economy and to trade.
Brent dropped toward $78 a barrel after logging its first weekly decline this year, with West Texas Intermediate above $74. The US imposed tariffs and sanctions on Colombia after it didn’t allow military planes carrying deported migrants to land. The administration has also threatened actions on flows of goods from a host of other nations, including Canada and China.
Crude remains higher this year, after an earlier round of sanctions from the US on Russian oil and energy lifted physical prices, spurring some refiners in Asia to look for alternative supplies. Still, Brent declined sharply last week, with the US president urging producers’ cartel OPEC to boost output, bring down prices, and raise the pressure on Russia to end the war in Ukraine.
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