Crude oil prices declined by nearly 1.5% on Friday after President Donald Trump reignited trade tensions with China, saying that they “totally violated” a preliminary deal with the U.S. At the time of writing,

Oil prices were steady on Friday and headed for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around U.S. tariff policy after the latest courtroom twist.

The largest group of oil-producing nations agreed over the weekend to sharply increase crude production for the third month in a row, a move intended to reassert control over the market by driving oil prices lower.