Brent Oil Prices Decline Amid US Tariff Decisions and Diplomatic Activity

After closing Friday at $71.22, Brent oil is currently trading at $70.59 in international markets.
The retreat in prices is driven by recent US trade maneuvers and weakening demand forecasts.
Trade Wars and Economic Uncertainty Steps taken by US President Donald Trump regarding trade policies are triggering market concerns.
Following a Supreme Court ruling that found "emergency" tariffs unconstitutional, Trump signed a decision under the 1974 Trade Act to impose a 10% global tariff on all countries.
The announcement that this rate could be increased to 15% has reduced global economic predictability, raising questions about the scope and implementation dates of the tariffs.
Diplomatic Traffic and Demand Expectations Investors are maintaining a cautious stance ahead of the US-Iran meetings scheduled for February 26 in Geneva.
The risk premium, which rose last week due to signals of military intervention, has given way to expectations of negotiations.
Experts state that concerns over trade wars are weighing on global growth expectations, which in turn weakens forecasts for oil demand.
Macroeconomic Data and Technical Levels US growth data falling below expectations and accelerating inflation are among the factors complicating market pricing.
From a technical perspective, $71.85 is being monitored as a resistance level for Brent oil, while $65.42 serves as the support level.