decreased

oil prices

During early Asian trading on Friday, oil prices were set to record their worst week in months due to new tariffs imposed by US President Donald Trump, which raised concerns about a global trade war that could negatively impact oil demand.

Global oil prices fall

Brent crude futures fell 31 cents, or 0.4%, to $69.83 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.5%, to $66.63 a barrel.

Brent crude is on track to post its biggest weekly percentage loss since the week ending October 14, while West Texas Intermediate crude is on track to post its biggest weekly loss since the week ending January 21.

The decision by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to increase oil production has also heightened concerns. The organization currently aims to return 411,000 barrels per day (bpd) to the market in May, up from the 135,000 bpd initially planned.

Trump's tariffs

Both crude oil prices began to decline on Wednesday after Trump announced a 10% tariff on all imports into the United States, and higher tariffs on dozens of Washington's largest trading partners.

While imports of oil, gas, and refined products are exempt from Trump's new sweeping tariffs, these policies could increase inflation, slow economic growth, and exacerbate trade disputes, impacting oil prices.