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Oil slides as US tariff hike raise jitters over global economy
| USA | economy | ✓ Verified - investing.com

Oil slides as US tariff hike raise jitters over global economy

#Oil prices #US tariffs #Trump #Supreme Court #Global economy #Brent crude #West Texas Intermediate #Trade policy

📌 Key Takeaways

  • Oil prices slipped after Trump announced tariff hike
  • Brent crude fell 0.63% to $71.31, U.S. crude dropped 0.75% to $65.98
  • Trump raising tariffs to maximum 15% allowed by law
  • Supreme Court struck down previous tariff program
  • Tariff decision offset geopolitical concerns about U.S.-Iran conflict

📖 Full Retelling

Oil prices slipped in Singapore on Monday, February 23, 2026, after President Donald Trump announced plans to raise U.S. tariffs on global imports to 15%, the maximum level allowed under the law, following the Supreme Court's rejection of his previous tariff program. Brent crude futures fell 45 cents, or 0.63%, to $71.31 a barrel by 2315 GMT, while U.S. crude futures dropped 50 cents, or 0.75%, to $65.98 a barrel as markets reacted to the trade policy shift. Trump's tariff announcement, made on Saturday, has created uncertainty about global economic growth and future fuel consumption, with investors concerned about potential trade disruptions and reduced demand for commodities. The tariff decision comes amid rising geopolitical tensions, as the market previously reacted to concerns about potential military conflict between the U.S. and Iran, which had pushed oil prices up more than 5% the previous week.

🏷️ Themes

Trade Policy, Oil Markets, Geopolitics, Economic Uncertainty

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Connections for Supreme court:

👤 Donald Trump 19 shared
🌐 Tariff 15 shared
🌐 Tariffs in the Trump administration 12 shared
🌐 International Emergency Economic Powers Act 7 shared
🌐 Commercial policy 5 shared
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Original Source
try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Bitcoin slips after earlier gains amid tariff volatility Can gold rise to new highs above $5,600 in 2026? Bull vs. bear argument on Friday’s Supreme Court tariff ruling 3 key earnings reports for this week to keep the AI trade alive (South Africa Philippines Nigeria) Oil slides as US tariff hike raise jitters over global economy By Reuters Commodities Published 02/22/2026, 06:23 PM Updated 02/22/2026, 06:24 PM Oil slides as US tariff hike raise jitters over global economy 0 CL -0.78% LCOmdc1 0.00% SINGAPORE, Feb 23 - Oil prices slipped on Monday after President Donald Trump said he would raise U.S. tariffs on global imports, creating uncertainty for world economic growth and fuel consumption. Brent crude futures slid 45 cents, or 0.63%, to $71.31 a barrel by 2315 GMT while U.S. crude futures were at $65.98 a barrel, down 50 cents, or 0.75%. Trump said on Saturday he would raise a temporary tariff from 10% to 15% on U.S. imports from all countries, the maximum level allowed under the law, after the U.S. Supreme Court struck down his previous tariff programme. The tariff decision offset the rising risk of a military conflict between the U.S. and Iran, which pushed Brent and West Texas Intermediate prices up more than 5% last week.
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