Brent crude oil futures dipped below $74 per barrel on Wednesday as investors braced for the impact of new US reciprocal tariffs, which could heighten global trade tensions and dampen energy demand.
Oil falls as fresh US tariffs loom
While the White House remained tight-lipped about the exact details of the tariffs, it confirmed they would take effect immediately upon announcement. President Trump hinted that the measures would be broad in scope, affecting multiple countries, adding to market uncertainty over potential economic repercussions.
Despite the latest decline, oil prices have recently found some support from Trump's threats of secondary sanctions on buyers of Russian crude and his administration’s move to tighten restrictions on Iranian oil exports as part of an intensified pressure campaign.
US inventories figures
Meanwhile, industry data from the American Petroleum Institute (API) showed US crude inventories swelled by 6 million barrels last week, while gasoline stockpiles declined by 1.6 million barrels. Investors are now turning their attention to the upcoming OPEC+ meeting later this week, where discussions on output policy could influence market direction in the near term.
