Oil prices edged lower on Wednesday, retreating slightly from recent two-week highs as investors digested fresh uncertainties surrounding U.S. tariff policies and anticipated a buildup in American crude inventories.
By 0400 GMT, Brent crude futures slipped by 7 cents, or 0.1%, to $70.08 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 8 cents, or 0.1%, to $68.25 a barrel.
The dip came after U.S. President Donald Trump postponed a previously firm tariff deadline to August 1, a move that created both hope and confusion among global trade partners. While countries like Japan, South Korea, and the European Union saw the delay as a potential opening for negotiation, others such as South Africa expressed concern over the lack of policy clarity.
Trump’s vow to impose a 50% tariff on imported copper and soon expand levies to semiconductors and pharmaceuticals has further unsettled markets, deepening worries over a broader trade war that continues to rattle investors worldwide.
Analysts believe the looming uncertainty may impact oil demand forecasts and contribute to price volatility in the near term.
