Oil Prices Steady, Post Sharp Weekly Losses Amid Tensions

Oil prices ended stably on Friday but posted their sharpest weekly decline since late June, as tariff tensions and geopolitical uncertainty weighed on market sentiment. Brent crude fell 8.11% since July 30 to US$66.59/b, WTI dropped 8.74% to US$63.88/b, and Mexico’s oil mix declined 8.29% to US$61.6/b.

The drop comes ahead of an Aug. 15 meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska, where they are expected to discuss ending the war in Ukraine. Trump set a deadline last Friday for Russia to agree to peace or face secondary sanctions on its oil buyers.

Washington has already started ramping up pressure on India, a major purchaser of Russian crude. Trump issued an executive order imposing an additional 25% tariff on Indian imports, raising the total rate to 50%, among the highest ever levied by the United States. The measure takes effect on Aug. 27.