Oil Eases Amid Trade War Concerns
Oil prices were easing on Tuesday after posting sharp gains in the previous trading session, as investors fear looming U.S. tariffs could hurt global demand.
In early trade, Brent crude and WTI were both down 0.4% to $74.47 and $71.17 a barrel. Futures surged on Monday following U.S. President Donald Trump’s threats to impose tariffs on buyers of Russian oil and take military action against Iran if Tehran didn’t reach an agreement over its nuclear program.
“For now, it appears to be just a threat to Russia and Iran,” ING analysts said. “However, if it becomes a reality, it creates plenty of upside risk to the market given the significant oil export volumes from both countries.”