WASHINGTON (dpa-AFX) - Oil prices declined on Tuesday after rising in the previous session as Saudi Arabia surprised customers in Asia by hiking prices for its main crude grade.
Benchmark Brent crude futures for September delivery were down 0.6 percent at $69.15 in European trade as traders assessed the combined impact of trade uncertainties, a surprise output move by OPEC+ and an escalation of hostilities in the Red Sea. WTI crude futures for August delivery fell 0.6 percent to $67.51.
Focus returned to U.S. tariffs after U.S. President Donald Trump on Monday announced plans to impose significantly higher tariffs on imports from 14 countries starting August 1. Originally set for July 9, the deadline has now been extended to August 1.
Investors also weighed the impact of OPEC+ hiking output more than expected for August.
The oil cartel agreed on Saturday to raise production by 548,000 barrels per day in August, with more expected in September.
Analysts said the OPEC+ decision will bring nearly 80 percent of the 2.2 million-bpd voluntary cuts from eight OPEC producers back into the market.
On the geopolitical front, tensions in the Middle East are starting to rise again following attacks in the Red Sea.
A second vessel was targeted near Yemen on Monday, hours after Iranian-backed Houthis claimed responsibility for an earlier attack on a ship in the same area.
The attack stoked fears of a renewed escalation in one of the world's most critical oil transit corridors.
Meanwhile, the United States has announced it was revoking its 'foreign terrorist organization' designation of Hayat Tahrir al-Sham (HTS), a group once linked to Al-Qaeda that toppled Syria's government in December.
The decision was made as Trump's executive order of terminating the U.S. sanctions program on Syria comes into effect.
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