Oil Holds Losses

WTI crude oil futures hovered around $69 per barrel on Friday, holding onto a decline of more than 1% from the previous session, as markets weighed the economic fallout of US tariffs and its potential impact on global energy demand. Investor focus turned to Trump’s imposition of a new set of mostly higher tariffs on US trading partners, set to take effect later today. The signed executive order imposes duties ranging from 10% to 41% on imports from dozens of countries and regions—including Canada, India, and Taiwan—that failed to meet his trade deal deadline. Analysts warned that the tariffs could slow economic growth by driving up prices, ultimately dampening oil demand. Still, oil is on track for a strong weekly gain of over 6%, its best performance since early June. Prices remain supported by supply risks following Trump’s threat to impose 100% secondary tariffs on buyers of Russian crude, and warned China—a key oil consumer—of steep penalties if it continues purchasing Russian oil.