Oil prices fall as Gulf economies grapple with Trump’s tariffs: What to know
Falling oil prices could negatively impact the budgets of Gulf states and are coinciding with losses in the region’s stock markets.
Global oil prices fell on Monday, complicating Gulf countries’ economic plans as the region grapples with the fallout from US President Donald Trump’s tariffs.
The price of Brent crude oil, considered the global benchmark for oil prices, was down more than 2% on the day to $64.12 a barrel shortly after 11:30 a.m. Eastern Time.
The price fall began last Wednesday after Trump announced global sweeping tariffs. Before the announcement, the price of Brent crude stood around $75 a barrel. Oil prices are also falling due to Saudi Arabia and seven other members of OPEC+ announcing a boost in production on Thursday.
Saudi Arabia slashed oil prices for Asian customers on Sunday, reducing the price of Arab light crude by $2.30. The cut was the largest in more than two years, according to Reuters and Bloomberg. The price of Arab light crude is currently at $65.57 a barrel, per market data.
