Oil Prices Drop Over 1% Amid Fears of Global Trade War Impact on Demand

Oil prices fell more than 1% on Friday, heading towards their worst weekly performance in months, as concerns over the potential fallout from U.S. President Donald Trump’s new tariffs took center stage. Investors are increasingly worried that a global trade war could dampen economic growth and reduce demand for oil, with Trump’s tariff measures threatening to escalate trade tensions worldwide. The decline in oil prices highlights the broader uncertainty in global markets, as traders brace for the economic repercussions of the ongoing trade dispute between the U.S. and other nations. As oil demand projections weaken, the market faces significant volatility.