US Comfortable With Canada Trade Standoff as Import Bans Loom 
UK PM Burnham to Unveil Economic Vision at Labour Conference 
Germany’s 2026 Growth Outlook Strengthens on Fiscal Spending 
US 10-Year Treasury Yield at 6% Emerges as New Market Risk Threshold 
Dollar Falls as Oil Eases, Yen Jumps on Intervention Signals 
Asian Stocks Fall as Surging Bond Yields Rattle Markets 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit 
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
Dollar Holds Near Two-Month High as Yen Approaches 160 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
China Agrees to Buy 20 Million Tons of U.S. Coal 
Fed’s Hammack Says Bond Yield Surge Is Not Driven by Inflation Fears 
Fed Unveils Stablecoin Rules Under GENIUS Act 
US Stock Futures Fall as Treasury Yields Surge Ahead of Trump-Xi Summit 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Add as a preferred source on Google
Oil prices fell sharply Thursday following U.S. President Donald Trump’s announcement of sweeping new tariffs on global trading partners, intensifying fears of a global trade war and weakening oil demand prospects.
Brent crude futures dropped $1.97, or 2.63%, to $72.98 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.98, or 2.76%, to $69.73 as of 0033 GMT. The decline came after both benchmarks had posted gains in the previous session but reversed course following Trump’s press conference on Wednesday.
During the press event, Trump declared April 2 “Liberation Day” and introduced a 10% baseline tariff on all U.S. imports, with steeper duties targeting key trading partners. Although oil, gas, and refined products were exempt from the new tariffs, analysts warn the broader economic impact could still weigh heavily on energy markets.
“This move will negatively affect global trade, slow economic growth, and eventually curb oil demand,” said Bjarne Schieldrop, chief commodities analyst at SEB. “However, the full impact will take time to unfold.”
Trump’s aggressive trade policy is also seen as inflationary, potentially dampening consumer spending and industrial activity—factors crucial to sustaining oil demand. These fears were further fueled by the latest U.S. Energy Information Administration (EIA) report, which showed a surprising 6.2 million-barrel increase in U.S. crude inventories last week, contrary to analysts' expectations for a 2.1 million-barrel decline.
The combination of heightened trade tensions, bearish inventory data, and slowing demand growth signals a potentially volatile period ahead for global oil markets, with prices vulnerable to further downward pressure as geopolitical uncertainty lingers.
