Oil Dips Amid Trade War Concerns, Despite US Pressure on Iran
Oil prices declined as apprehensions over a potential trade war between the US and China overshadowed President Trump's plan to escalate economic pressure on Iran, an OPEC member.
Key Points:
* West Texas Intermediate (WTI) fell approximately 1% to trade around $72 per barrel.
* Trump signed a directive to intensify sanctions and enforce existing measures against Iran.
* US crude inventories surged by 8.66 million barrels last week, marking the largest increase in a year.
* Beijing responded to Trump's tariffs with retaliatory actions, although the impact on US crude exports to China remains uncertain.
* Crude prices have retreated from recent highs above $80 per barrel amid market volatility and softening physical market conditions.
* Brent's nearest timespread, an indicator of market health, closed at its weakest level in four weeks on Tuesday.