Update: WTI Crude Oil Closes Down as Tariff Wars Push Investors From Risk Assets

02:41 PM EDT, 03/28/2025 (MT Newswires) -- West Texas Intermediate (WTI) crude oil closed lower on Friday as markets were broadly weaker ahead of fresh tariffs coming from U.S. President Donald Trump next week.

WTI crude oil for May delivery closed down US$0.56 to settle at US$69.36 per barrel, while May Brent crude was last seen down US$0.38 to US$73.65.

The drop comes as North American stock markets are also broadly lower as Trump's tariffs promise higher inflation and stall global trade, with further levies set to be imposed on April 2, which Trump is calling "Liberation Day".

"There really is no point in listening to the preamble before April 2, the only choice is to wait until the trade restrictions become fact rather than muse. Even then, it will be a hard sell to convince markets that any decision is not ephemeral and sadly for those that await clarity, 'Liberation Day' will probably be yet another notch of threat on the Resolute Desk in the White House to be ignored," PVM Oil Associates wrote.

Still, some Trump measure are offering support for oil after the U.S. administration this week moved to sanction buyers of oil from Iran and Venezuela, placing sanctions on a Chinese refinery importing Iranian crude and threatening to place 25% tariffs on U.S. imports from countries importing oil from Venezuela.

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