OPEC, Oil
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Asian shares have fallen and oil prices jumped as trade tensions and the Russian-Ukraine conflict ratcheted up geopolitical uncertainty
Trump’s aggressive pro-oil agenda is faltering as trade war uncertainty and erratic policymaking alienate energy companies and deter investment.
Brent crude oil price crashed on Friday amid rising trade tensions, and the downtrend may continue after the latest OPEC+ meeting. It dropped to $62.60 on Friday, down by 25% from its highest level this year.
A decision by major oil producers this weekend could pull prices for crude down to their lowest levels since 2021, with demand tough to gauge against a trade-war backdrop and some countries failing to comply with output quotas.
Most Gulf stock markets rose in early trade on Thursday, tracking stronger oil prices, after a U.S. trade court blocked most of President Donald Trump's "Liberation Day" tariffs from going into effect.