Crude oil prices dipped on Tuesday after the U.S. government implemented fresh tariffs, raising concerns about global trade tensions and their potential impact on fuel demand.
Brent Crude fell to $70.5 per barrel, while West Texas Intermediate (WTI) dropped to $67.56. Nigeria’s flagship crude, Qua Iboe, declined by 1.9% to $74 per barrel, while Brass River fell by the same margin to $73 per barrel.
The international benchmark, Brent Crude, was down 1.40%, trading at $73.00, as both major crude benchmarks headed for their first weekly loss in a month and the first monthly decline since November 2024.