Oil prices rise over U.S. tariffs

Oil prices increased on Friday, August 1, 2025, as traders digested the impact of new higher United States tariffs that may curtail economic activity and lower global fuel demand growth.

Brent crude futures rose 4 cents, or 0.06%, to $71.74 a barrel by 1201 GMT, while U.S. West Texas Intermediate crude rose 1 cent, or 0.01%, to $69.27.

Brent prices are set to gain 4.9% for the week while WTI is set to climb 6.4% after U.S. President Donald Trump earlier this week threatened to place tariffs on buyers of Russian crude, particularly China and India, to coax Russia into halting its war against Ukraine.

On Friday, though investors were more focused on Trump’s imposition of new, and mostly higher, tariff rates on U.S. trading partners set to go into effect on August 1.

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Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign locations, including Canada, India, and Taiwan that failed to reach trade deals by his deadline of August 1.

Some analysts have warned the levies will limit economic growth by raising prices, which would weigh on oil consumption, Reuters reported.

On Thursday, there were signs that existing tariffs are already pressuring prices higher in the U.S., the world’s biggest economy and oil consumer.

U.S. inflation increased in June as tariffs boosted prices for imported goods such as household furniture and recreation products.

This is supporting views that price pressures would pick up in the second half of the year and delay the Federal Reserve from cutting interest rates until at least October.

The Star