Baghdad: Oil prices fell in today’s trading, amid fears of a global economic slowdown driven by the possibility of raising US tariffs. Brent crude futures for September delivery fell 16 cents, or 0.24%, to $66.58 a barrel. US West Texas Intermediate crude also fell 20 cents, or 0.31%, to $64.91 a barrel.
According to National Iraqi News Agency, US Treasury Secretary Scott Besant warned of the possibility of a significant increase in tariffs to several countries soon, despite ongoing negotiations, as the tariff suspension period, scheduled for the ninth of this month, approaches its expiration. If an agreement is not reached, tariff rates will return from the temporary 10% level to the higher rates announced by US President Donald Trump last April, ranging from 11% to 50%.
The looming expiration of the tariff suspension period has intensified concerns about the potential impact on the global economy, which in turn has contributed to the decline in oil prices. Markets are closely watching the developments a
s the deadline approaches, which could further impact oil prices depending on the outcome of the negotiations.