US EditionOil Set for Steepest Weekly Losses Since June
UNITED STATES, AUG 8 – Oil prices fell over 4% weekly due to U.S. tariffs on Indian imports and OPEC+ ending production cuts early, amid concerns of oversupply and geopolitical tensions.
- Oil prices faced steep weekly losses on August 8, 2025, as higher U.S. tariffs took effect and a possible Trump-Putin meeting influenced markets.
- The losses followed the U.S. imposing 25% tariffs on multiple trade partners, including India for buying Russian crude, while OPEC+ moved to unwind output cuts early.
- WTI had fallen for six consecutive sessions while Brent crude declined over 5% this week amid concerns tariffs would weaken global economic activity and crude demand.
- PVM analyst Tamas Varga noted that no major progress is expected, and there remains a chance that the U.S. will carry out its warning to apply secondary sanctions on countries involved in Russian energy trade.
- These developments signal a tense oil market affected by geopolitical risks and trade tensions, threatening a daily supply of an estimated 3.5 million barrels and dampening demand outlooks.
20 Articles
20 Articles
Crude oil wraps up worst week since June on potential Trump-Putin meeting, tariff tensions
Oil futures were slammed with the sharpest weekly losses since June as the market digested the OPEC+ decision to raise production and worries about the impact of US tariffs on global growth.
Oil Updates — crude set for steepest weekly losses since June
LONDON: Oil prices steadied on Friday and were poised for the steepest weekly losses since late June on a tariff-hit economic outlook and a potential meeting between US President Donald Trump and Russian counterpart Vladimir Putin. Brent crude futures were up 14 cents, or 0.2 percent, at $66.57 a barrel by 4:16 p.m. Saudi time. US West Texas Intermediate crude futures rose 4
Oil Prices Set for Dramatic Weekly Drop on Tariff Fallout
Crude oil prices were headed for a steep weekly drop as of Friday morning, with a combination of tariff fears and OPEC+ production instilling a strong sense of bearishness in oil traders. At the time of writing, Brent crude was trading at $66.39 per barrel, with West Texas Intermediate at $63.79 per barrel, both down from Thursday’s close. Interestingly, prices fell despite President Trump’s decision to slap an additional tariff of 25% on all In…
Shafaq News – Follow-up: Oil prices stabilized in early Asian trading on Friday, but are on track for their biggest weekly loss since late June, amid investor concerns about the impact of tariffs that took effect yesterday on the global economy. By 00:50 GMT, Brent crude futures were down 3 cents at $66.40 a barrel, heading for a weekly decline of more than 4%, according to Reuters data. U.S. West Texas Intermediate (WTI) crude futures fell 6 ce…
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