Big Oil has a powerful ally in the White House, but the first quarter of Donald Trump’s presidency was a real test for companies’ plans. The rest of the year could be even tougher. The US leader’s desire for lower crude prices and his disruption of the global economy with trade tariffs is stressing the industry’s finances,

Crude oil prices fell more than $1 a barrel on Monday morning as demand fears arising from the trade war between the United States and China were pressing down demand at the pump.

What started as a buying spree of Iranian oil, on fears of further US sanctions, has developed into a broader stockpiling of crude after President Donald Trump’s tariff announcements, coupled with an increase in production by oil cartel Opec, sent prices sliding to a four-year low.