Oil Extends Gain as Trump Ratchets Up Tariffs Before Russia Move

Bloomberg · last updated July 13, 2025 – 8:41 PM

Oil steadied after President Donald Trump escalated the trade war, with threats of 30% tariffs on goods from the European Union and Mexico hurting appetite for risk and the outlook for energy demand.

Global benchmark Brent was little changed above $70 a barrel, after rising 3% last week, while West Texas Intermediate was above $68. US equity-index futures dropped after the latest tariff threats, which followed US trade measures against nations from Canada to Brazil and Algeria last week.

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