Oil Prices Steady but Set for Sharp Weekly Decline Amid Tariff Concerns

PUKMEDIA

Oil prices.

Oil prices remained largely unchanged during early Asian trading on Friday, 8 August 2025, but were on course for their steepest weekly fall since late June, as investor sentiment was dampened by the economic impact of new tariffs introduced on Thursday.

According to a Reuters report, Brent crude futures fell by three cents to $66.40 a barrel at 00:50 GMT, on track for a weekly drop of more than 4%. U.S. West Texas Intermediate (WTI) crude futures slipped six cents, or 0.1%, to $63.82 a barrel, heading for a decline exceeding 5% over the week.

The higher U.S. tariffs, imposed on a range of trade partners, came into effect on Thursday. Oil prices were already under pressure following the OPEC+ alliance’s decision last weekend to fully unwind its largest tranche of production cuts in September, several months ahead of schedule.

By Thursday’s close, WTI futures had fallen for six consecutive sessions, matching a losing streak last seen in December 2023. Should prices end lower on Friday, it would mark the longest run of declines since August 2021.

Further weighing on the market, the Kremlin on Thursday confirmed that Russian President Vladimir Putin is to meet U.S. President Donald Trump in the coming days, fuelling speculation of a potential diplomatic resolution to the war in Ukraine.

Additional U.S. tariffs targeting India for purchasing Russian crude helped to limit the downturn in oil prices to some extent. However, analysts at StoneX wrote to clients on Thursday that the move is unlikely to significantly curtail Russian oil exports to global markets.

On Wednesday, President Trump also indicated that China — the largest buyer of Russian crude — could face similar tariffs to those imposed on Indian imports.



PUKMEDIA