Trump's proposed 30% tariffs on EU imports could significantly increase olive oil costs for American consumers who rely heavily on Mediterranean suppliers.

Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the U.S. after President Donald Trump reached a tariff deal with Japan.

Oil prices remained stable during Friday’s Asian trading session, following notable gains on Thursday, as markets looked ahead to possible new U.S. trade agreements and supply disruptions from Russia.

Crude oil prices declined by more than 1% on Tuesday after President Donald Trump reignited trade tensions as the White House stated that more tariff letters could be sent out before the August 1 deadline.

Oil prices rose on Friday, following US President Donald Trump’s announcement of an upcoming statement concerning Russia, which hinted at potential additional sanctions on the significant oil-producing nation.

Oil prices eased on Friday and settled at a three-week low as traders worried about negative economic news from the U.S. and China and signs of growing supply.

Concerns around tariffs and conflicts in the Middle East and Ukraine have taken a backseat to more fundamental factors affecting these markets.

From rising tensions overseas to oil market volatility and mass migration, the next few months could bring dramatic global changes. This video breaks down the major shifts already in motion and what they could mean for you.

‘KEEP OIL PRICES DOWN’: President Trump said Monday via Truth Social: “Everyone, keep oil prices down. I’m watching. You’re playing right into the hands of the enemy.

U.S. President Donald Trump stated that the new tariff rates will start at a minimum of 15% and could reach up to 50%. Speaking at an AI event in Washington, he explained that certain countries may face the highest tariffs due to ongoing tensions with the United States.