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Oil markets are experiencing their third straight weekly decline, with Brent crude falling more than 2% as the impact of Trump’s comprehensive China tariffs overshadows new Iran sanctions.
The market’s response reflects deeper concerns about global demand, particularly in China where private refiners have reduced operations to levels not seen since the pandemic.
Despite technical indicators suggesting oversold conditions, the market remains focused on potential economic slowdown risks stemming from escalating trade tensions, particularly as China prepares to implement retaliatory measures.
