Oil markets declined Monday following President Trump's announcement of increased tariffs on imports from all countries. The tariff decision created concerns about global economic growth and fuel demand, outweighing last week's gains from Middle East tensions.
Oil markets fell on Monday following President Donald Trump’s announcement that he plans to increase tariffs on imports from all nations, sparking concerns about worldwide economic growth and energy demand.
By late Monday evening, Brent crude had dropped 45 cents to $71.31 per barrel, representing a 0.63% decline, while U.S. crude fell 50 cents to $65.98 per barrel, down 0.75%.
During a Saturday announcement, Trump revealed plans to increase temporary import tariffs from 10% to 15% on goods from all countries – the highest rate permitted under current law. This decision follows the U.S. Supreme Court’s rejection of his earlier tariff program.
The new tariff announcement counteracted recent price increases driven by escalating tensions between the United States and Iran, which had pushed both Brent and West Texas Intermediate crude prices up over 5% during the previous week.
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