Oil fell as U.S. consumer confidence plunged, raising concerns over Trump’s policies hurting growth and energy demand.WTI dropped 2.5%, closing below $69—the lowest this year.
Consumer confidence saw its biggest drop since 2021, spooking traders into selling risk assets.Trump’s tariffs and economic decoupling from China worsened the outlook for energy demand, while trade tensions fueled inflation fears amid a slowing job market.Crude faces more bearish pressure as weak economic data signals lower demand, said Frank Monkam of Buffalo Bayou Commodities.
Oil fell below its February range after an early-year spike above $80, weighed down by weak Chinese demand, more supply, and tariff concerns.
New U.S. sanctions on Iranian crude had little market impact, as traders expected workarounds like ship-to-ship transfers and signal disruptions, similar to Russia’s tactics.“Sanctions won’t be a major bullish factor unless there’s a serious effort to locate and blockade tankers using naval forces—an unprecedented escalation,” said Joe DeLaura, former trader and global energy strategist at Rabobank.
