Oil prices dip slightly as US tariff threat looms
Oil prices took a small dip on Thursday after spiking midweek, thanks to US threats of new tariffs and global tensions.
Brent dropped to $72.25 and WTI to $69.87, as markets reacted to mixed signals and a surprise build-up in oil inventories.
What's the reason behind the price shift?
If you're keeping an eye on fuel costs or the bigger economic picture, here's the scoop:
The US warned of extra tariffs for countries buying Russian oil (including India), which rattled markets and pushed prices up earlier this week.
But then, US crude inventories shot up by 7.7 million barrels, cooling things off for now.
Natural gas futures in India also drop
It's not just oil feeling the shake-up.
Indian natural gas futures also slid 1.6%, showing how global politics and supply shifts are making commodity prices more unpredictable everywhere—from your local pump to international markets.