Oil heads for worst weekly performance in months

Oil prices fell about 2% today and are on track for their worst weekly performance in months, pressured by new tariffs imposed by US President Donald Trump, which raised concerns about a global trade war that could impact oil demand.

Brent crude futures fell $1.28 to $68.86 a barrel by 07:03 GMT, while US West Texas Intermediate (WTI) crude futures fell $1.29 to $65.66 a barrel.

Brent is on track for its biggest weekly percentage loss since the week ending October 14, and WTI is on track for its biggest loss since the week ending January 21, according to Reuters.

Investors rushed to safe-haven assets such as bonds, the Japanese yen, and gold after Trump’s announcement sent shockwaves through financial markets.