Oil prices fell for a third consecutive session amid intensifying trade negotiations between the U.S. and the European Union ahead of the August 1 deadline, when Washington may impose 30% tariffs on most EU exports. Brent crude dipped на 0.9%, to $68.57 a barrel, while WTI снизилась на 1%, до $65.27.
Fears that escalating trade tensions could dampen economic growth and curb fuel demand have weighed on investor sentiment. "With the tariff deadline looming, risks are skewed to the downside," said Warren Patterson of ING, noting expectations of a more supplied market later this year.
The oil market has lacked clear direction since the June 24 ceasefire between Israel and Iran, with prices moving within narrow ranges as supply fears eased. Diesel prices, however, have surged due to tight inventories and refinery closures.
Despite a weaker U.S. dollar offering some support, rising global output - particularly from Saudi Arabia and OPEC+ - has added downward pressure. Meanwhile, the EU is preparing broader countermeasures as hopes for a trade deal fade, increasing the likelihood of further disruption in global markets.