Overview

• Brent futures fell 0.24 percent to about $70.02 per barrel while U.S. West Texas Intermediate dropped 0.35 percent to $68.14 as investors weighed tariff announcements.
• President Trump announced 50 percent tariffs on copper imports along with proposed duties on semiconductors and pharmaceuticals, sparking concerns over global economic growth.
• The U.S. Energy Information Administration reported an increase in crude inventories last week alongside declines in gasoline and distillate stocks.
• Gasoline demand rose by 6 percent to 9.2 million barrels per day, according to the EIA, underpinning some price support.
• Renewed Red Sea shipping attacks by Yemen’s Houthi militia alongside an EIA forecast of reduced U.S. production in 2025 have maintained a price floor.