Oil prices held steady during Friday’s Asian trading session, with both Brent and WTI on track to post solid weekly gains, despite persistent concerns over global trade tensions and weakening economic signals.
Brent crude futures remained unchanged at $71.71 per barrel, while WTI futures dipped slightly to $69.25.
Earlier this week, crude prices surged after Washington signaled it may impose harsher sanctions on Russian oil exports—potentially including 100% tariffs on Russian crude purchased by China and India. Such measures could severely tighten global supply, driving weekly gains in oil prices close to 5–6%.
However, the momentum was tempered after President Trump officially signed a sweeping tariff package targeting key trade partners. The new duties include a 35% levy on Canadian imports and additional tariffs on goods from India and Japan, raising fresh concerns about slowing global demand and dampening market sentiment.
Further headwinds came from weak Chinese PMI data, which signaled a slowdown in manufacturing activity. A stronger U.S. dollar following the Federal Reserve’s decision to hold interest rates steady also added downward pressure.
Despite the cautious tone, this week marks oil’s strongest performance in over a month. Analysts caution, however, that the market remains finely balanced—between fears of tighter supply and worries over demand weakness—leaving future price direction highly dependent on evolving trade and macroeconomic developments.