Oil Prices Experience a Downturn

On Wednesday, oil prices saw a decrease of more than 1% as concerns over the U.S. imposing tariffs on a wide range of imports grew among investors. The Trump administration's decision to implement a 25% tariff on all imported steel and aluminum, effective from March 12, is expected to provoke responses from trade partners such as the European Union and Canada.

Impact on Global Demand

Economists and industry leaders have voiced concerns that these tariffs could lead to a reduction in overall demand, including in the energy sector. The potential for a trade war has markets on edge, with significant implications for global economic growth and energy consumption.

Market Reactions

West Texas Intermediate (WTI) for March settlements fell by 1.24% to $72.38 per barrel, while Brent for April deliveries decreased by 1.04% to $76.16 per barrel. These movements reflect the market's nervousness about the broader economic impact of the tariffs.