Oil prices declined on Friday due to heightened risk perception following US President Donald Trump's decision to implement a new wave of tariffs.
International benchmark Brent crude was trading at $71.44 per barrel at 10 a.m. local time (0700 GMT), down 0.5% from the previous session's close of $71.78.
US benchmark West Texas Intermediate (WTI) crude fell 0.4% to $68.61 per barrel, down from $68.89 in the prior session.
The US government's protectionist trade policies are intensifying pressure on market pricing.
While trade agreements reached with China, the European Union, and Japan have helped ease some concerns, new measures targeting other countries have prompted caution among investors.
Trump signed an executive order introducing tariff adjustments based on the principle of reciprocity.
The changes aim to further reduce the US' growing annual goods trade deficit by imposing modified customs duties on selected countries, according to a White House statement.
Under the new order, tariffs ranging from 10% to 41% will be applied to countries including India, Indonesia, Malaysia, Israel, Norway, Switzerland, Syria, Taiwan and Vietnam.
The tariffs will take effect seven days after the order's publication.
Experts warn that uncertainty surrounding the tariff policy could weigh on global economic growth and inflation outlooks, potentially dampening the demand forecast for oil.
Meanwhile, the US Treasury Department unveiled a new set of sanctions targeting over 115 individuals and entities involved in transporting oil from Iran and Russia.
The department described the action as the most comprehensive sanctions package against Iran since 2018.
Experts noted that sanctions against Iran and Russia, both key players in global oil supply, are fueling concerns over potential supply shortages in the market.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr