The international benchmark, Brent Crude, was falling by 1.27% and was just below $70 per barrel, at $69.96
Trump said on Monday that any country that does business with Iran will be subjected to a tariff rate of 25%
The oil market was also reacting to a tightened inventory scenario
China announced tariffs on U.S. imports of oil, liquefied natural gas and coal
The oil market appears to be bracing for a weeks-long disruption to shipping in the southern Red Sea, where Houthi militants have for months been attacking merchant vessels in response to Israel’s war in Gaza