Oil Prices Slide as Rising U.S. Stockpiles and Trade Tariffs Weigh on Markets

Crude oil faces its third consecutive weekly decline, driven by increased inventories, U.S.-China trade tensions, and geopolitical uncertainty.

Oil prices are on track for a third straight weekly decline, with Brent crude down 3.2% and WTI crude down 2.7% this week.
U.S. crude inventories surged by 8.7 million barrels last week, far exceeding expectations, signaling weaker demand during refinery maintenance season.
New tariffs imposed by the U.S. and retaliatory measures from China have raised concerns about global economic growth and energy demand.
The U.S. Treasury announced sanctions targeting Iranian oil shipments to China, aiming to restrict Tehran's crude exports and revenue streams.
Saudi Arabia raised oil prices for March deliveries to Asia and other regions, capitalizing on tighter markets influenced by sanctions on Russian oil.