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Jul 14, 2025
Oil declines after Trump warns of tariff consequences
Investors are concerned about weak global demand
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Oil prices fell sharply today after US President Donald Trump sparked market concerns by announcing new tariffs, potentially as high as 30-50%, targeting imports from countries such as the European Union, Mexico, and Saudi Arabia. Although Trump indicated this was a temporary negotiating strategy, markets interpreted it as a sign of an escalating trade war, prompting investors to reassess their expectations for global energy demand growth. |
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Trump's statements also contributed to a rise in the US dollar, making dollar-denominated oil more expensive for foreign currency traders and increasing selling pressure.
As noted in a Reuters report, "Oil prices fell more than 2%" due to the tariff threats and their expected negative impact on global economic growth.
Technical Outlook for Oil:
With oil currently trading near $65.84, continued political uncertainty or escalating tariff threats could push prices to test new support levels near $65.00-$64.50.
If political escalation subsides or OPEC+ issues supportive statements regarding production cuts, prices could head toward the $68.50-$70.00 resistance zone in the short term.