Crude oil prices slip as US-China trade war escalates
Crude oil prices slipped on Friday after new US tariffs kicked in, making investors nervous about weaker global demand and slower economic growth.
Brent crude dropped to $66.36 a barrel, WTI to $63.79, and Indian crude futures also edged down.
US tariffs on Chinese imports
These tariffs are expected to bump up consumer prices by nearly 2% soon, which could mean higher costs for everyday goods—never fun when inflation's already high.
Since oil is key for energy and manufacturing worldwide, even small price moves can ripple through the economy.
Geopolitical tensions and sanctions
Ongoing sanctions and geopolitical tensions aren't helping either.
A planned meeting between US President Trump and Russia's Putin might shake up oil supply plans, while mixed signals from Ukraine peace talks keep markets guessing.
Even natural gas prices nudged higher as everyone waits to see what happens next.