The North Sea crude, a benchmark in Europe, closed the session at the Intercontinental Exchange trading at $1.55 below the $70.19 with which it concluded transactions on Wednesday.
Brent experienced a significant drop after three sessions of gains, moving away from the $70 per barrel mark, as investors assess the uncertainty surrounding U.S. President Donald Trump’s tariff plans and their impact on the global economy.
Trump threatened Brazil on Wednesday with 50% tariffs on exports to the U.S., marking a new escalation of his tariff threats, after he also announced plans to impose tariffs on copper, semiconductors, and pharmaceuticals.
However, considering that this week Trump also extended the deadline for trade negotiations, originally set to finish on July 9, adding to his history of policy reversals on tariffs, experts suggest the market is becoming less reactive to such announcements.
Investors are also closely watching the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, which, after approving a higher-than-expected production increase in August, indicate that they might announce a new significant increase in September.
