Oil Hovers Near Six-Month High with Nuclear Talks and US Tariffs in Focus
Oil prices slid sharply as markets reacted to a surprise U.S. tariff hike that heightened concerns about global economic growth and reduced demand expectations for crude. Traders cited the tariff move as a key driver of selling pressure, with both Brent and West Texas Intermediate benchmarks falling as investors reassessed the outlook for energy consumption and industrial activity. The sell-off came despite ongoing geopolitical tensions in the Middle East that have supported prices in recent sessions, underscoring how economic sentiment can influence oil markets even amid supply-related risks. Analysts noted that continued uncertainty around trade policy and growth prospects could keep downward pressure on prices in the near term unless stronger demand indicators emerge. The price drop highlights the delicate balance between geopolitical risk premiums and broader macroeconomic forces shaping global energy markets.

