Oil prices declined on Monday as concerns over U.S. import tariffs, their impact on global economic growth and fuel demand, and rising production from OPEC+ dampened investor appetite for riskier assets.
By 0037 GMT, Brent crude had fallen 25 cents (0.4%) to $70.11 per barrel, after gaining 90 cents on Friday. Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped 28 cents (0.4%) to $66.76 per barrel, following a 68-cent increase in the previous session.
WTI has now fallen for seven consecutive weeks—its longest losing streak since November 2023—while Brent posted its third straight weekly decline. This comes after U.S. President Donald Trump imposed, then delayed, tariffs on key oil suppliers Canada and Mexico while raising duties on Chinese goods. In response, China imposed retaliatory tariffs on U.S. and Canadian agricultural products.
Oil prices partially recovered on Friday after Trump announced plans to increase sanctions on Russia if it fails to reach a ceasefire with Ukraine. At the same time, U.S. officials are reportedly exploring ways to ease sanctions on Russia’s energy sector if Moscow agrees to end its war with Ukraine, according to sources cited by Reuters.
Meanwhile, OPEC+—a coalition of the Organization of the Petroleum Exporting Countries and allies including Russia—confirmed it will proceed with planned oil production increases from April. However, Russia’s Deputy Prime Minister Alexander Novak stated on Friday that the alliance could reconsider the decision if market conditions become unbalanced.
Trump also expressed interest in negotiating a deal with OPEC member Iran to prevent it from pursuing nuclear weapons, though Iran has maintained that it has no such ambitions. As part of his “maximum pressure” campaign, the U.S. revoked a waiver on Saturday that had allowed Iraq to pay Iran for electricity, according to a State Department spokesperson.
Iran’s Supreme Leader, Ayatollah Ali Khamenei, responded on Saturday, asserting that Iran would not be pressured into negotiations.
