Oil prices continue to decline amid uncertainty over the impact of Trump's tariffs, according to Reuters.

Oil prices have decreased amid uncertainty regarding how the changes proposed by U.S. President Donald Trump will affect global economic growth and demand for energy resources.

According to writes the Reuters agency.

Brent crude futures fell by 26 cents (0.3%) to $78.74 per barrel, while West Texas Intermediate (WTI) futures dropped by 23 cents (0.3%) to $75.21, as reported in the article.

The day before, Brent futures closed at $79.00, marking the fifth consecutive session of decline, while WTI settled at $75.44 after four days of continuous drops.

“The oil markets have partially lost previous gains due to mixed factors. Key influences include expectations of increased oil production in the U.S. driven by Trump’s pro-drilling policies, as well as a reduction in geopolitical tensions in Gaza, which has eased concerns about supply disruptions from key regions,” noted Priyanka Sachdeva, a senior market analyst at Phillip Nova.

She added that the overall economic impacts of imposing tariffs in the U.S. could further hinder global demand growth for oil.

Recall: Trump has stated that he may impose new tariffs as part of sanctions against Russia if it does not reach an agreement to end the war in Ukraine. He also mentioned that these tariffs could extend to “other participating countries.” He promised to impose tariffs against the European Union, a 25% tariff for Canada and Mexico, and is also considering a 10% tariff on China due to the influx of fentanyl into the U.S.

Background. Earlier, Mind reported that oil prices fell on Tuesday, January 21, after newly elected U.S. President Donald Trump announced his plans regarding energy policy and trade.