Brent crude falls below $70 for first time in 4 weeks, following Trump’s tariffs

Brent crude and overall oil prices fell significantly below $70 today, marking the first time in 4 weeks. This decline follows the recent tariffs imposed by US President Donald Trump.

Fear of global trade war, negatively impacting oil demand and prices

Amid the recent tariffs imposed and announced by US President Donald Trump, Brent crude prices fell below $70 today. Fears of a global trade war are weighing on oil demand and negatively impacting prices worldwide.

Notably, Brent crude futures recorded a decline of about 50 cents, or 0.9%, settling at $69.50 a barrel—marking the first drop below $70 in nearly 4 weeks. US West Texas Intermediate (WTI) crude futures dropped almost 32 cents, or 0.5%, to $66.63.

Following the recent US tariffs, the Organization of the Petroleum Exporting Countries (OPEC+) and its allies announced plans to increase oil production. The organization now aims to produce about 411,000 barrels per day in May 2025, up from the previously decided 135,000 barrels per day.

Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd, stated: “The perfect bearish cocktail has been mixed in Washington and in Vienna. The reciprocal tariffs on virtually every salient US trading partner justifiably raise the fears of recession and possibly stagflation. Economic and oil demand growth is adversely impacted.”