Oil prices dip on US-EU trade battle worries
Oil prices slipped on Tuesday, with investors worried that a brewing trade battle between the US and EU could slow down global demand for fuel.
Brent crude dropped to $68.97 a barrel, while US oil fell to $66.99.
The EU is gearing up to hit back after the US threatened to impose a hefty 30% tariff on European imports starting August 1—adding to the uncertainty.
Why are oil prices under pressure?
If you're curious about why gas prices or travel costs can suddenly change, this is it: big global disputes like this ripple out fast.
On top of the threatened tariffs, oil markets are already shaky from rising OPEC+ output (especially Saudi Arabia).
Even with a weaker dollar giving some support, worries about too much supply and slowing economies are keeping prices under pressure—reminding us how connected everything really is.