Oil prices are on course for their steepest weekly decline since June, as investors react to the prospect of possible talks between Donald Trump and Vladimir Putin, alongside growing concerns over the global economic impact of fresh U.S. tariffs.
Brent crude futures have dropped around 4% this week, currently trading at $66.36, while West Texas Intermediate (WTI) futures are down approximately 6% compared to last week’s levels.
Analysts attribute the decline primarily to fears over Trump’s latest wave of tariffs, which introduced sweeping “reciprocal” duties affecting over 60 countries.
These include sharp rates of 39%, 40%, and 41% imposed on exports from Switzerland, Brazil, and Syria, respectively — measures expected to weigh heavily on global trade and economic growth.
