Crude oil prices dipped slightly on Wednesday as markets turned cautious, awaiting further direction on U.S. President Donald Trump’s delayed tariff rollout.
Brent crude edged lower to $69.80 per barrel, while West Texas Intermediate (WTI) slipped to $67.91. Murban crude also declined, trading around $71.07. The losses came after Trump pushed back the start of new tariffs on 14 countries, including Japan and South Korea, from July 9 to August 1, warning that “no extensions will be granted.”
The tariffs, ranging from 25% to 40%, are aimed at curbing trade surpluses while encouraging energy purchases from the U.S. However, analysts warn that these measures could weaken economic activity in targeted countries, thereby reducing global oil demand.
Despite these concerns, U.S. fuel consumption remains strong. According to AAA, a record 72.2 million Americans traveled during the July 4th holiday weekend, signaling healthy gasoline demand.
On the supply side, the U.S. Energy Information Administration revised down its oil production growth forecast. Output averaged 13.4 million barrels per day in the second quarter—a record high—but the agency expects minimal increases through the end of 2025.
With global demand fears counterbalancing domestic strength, oil prices may remain in a tight range as traders await firm decisions from Washington by August 1.