Oil prices fall into negative territory as Trump announces new tariffs

Steep drop in global crude prices drag down Canadian energy stocks

CALGARY - Fears of a tariff-driven recession has led to a steep drop in the price of crude oil, walloping Canadian energy stocks and stoking worry about the sector's outlook should the weakness persist.

Donald Trump's tariff measures hit the oil market in an already oversupply situation. The first reaction was a significant drop in prices.

Shafaq News/ Oil prices continued to suffer losses in early Asian trading on Friday, heading towards their worst weekly performance in several months, against the backdrop of new tariffs imposed by US President Donald Trump, which raised fears of a global trade war that could affect oil demand. Brent crude futures fell 31 cents, or 0.4 percent, to $69.83 a barrel by 0157 GMT, while US West Texas Intermediate (WTI) crude futures fell 32 cents, or…

Washington. Oil prices ended with sharp falls this Thursday, following the new stage of President Donald Trump’s trade offensive, which decided to impose massive tariffs on products imported to the United States. The price of the North Sea Brent crude barrel, for delivery in June, dropped by 6.42%, to $70.14. Its American equivalent, the West Texas Intermediate barrel, for delivery in May, went back 6.64%, to $66.95. Energy products are “general…

GCC Bourses Rack Up Losers as OPEC+, Tariffs Send Oil Tanking

Gulf Cooperation Council (GCC) nations saw their bourses plunge on Thursday following U.S. President Donald Trump’s unveiling of sweeping ‘Liberation Day’ tariffs on importers that helped send oil prices plunging 7% earlier in the day. In the UAE, the Dubai stock index was gearing up to record its biggest drop so far this year, shedding 1.8%, while the Abu Dhabi index fell 0.8%. Saudi Arabia’s main index dropped 0.4%, partly driven by losses fro…

Controversial oil pipeline project gets new life after stunning announcement — why it's causing concern

President Donald Trump wants to revive the controversial Keystone XL Pipeline, calling for an energy company to "get it built — now!" His call to fast-track the project for any interested company has reignited concerns among environmentalists and Indigenous groups, who have long opposed its construction. What's happening? In an impassioned social media post, Trump recently called for a redo of the long-defunct $9 billion Keystone XL Pipeline pro…