New York, SANA-Oil prices fell in Tuesday trading amid growing fears of a global economic slowdown driven by the potential increase in U.S. tariffs, along with expectations that the OPEC+ alliance may raise production in August.

According to CNBC, Brent Crude futures for September delivery dropped by 0.4% to $66.44 per barrel, while U.S. West Texas Intermediate (WTI) crude declined by approximately 0.5% to $64.78 per barrel.

U.S. Treasury Secretary Scott Bessent recently warned that several countries may soon be notified of significant tariff increases, as the temporary suspension of tariffs is set to expire on the 9th of this month.

If no agreement is reached, tariff rates are expected to revert from the temporary 10% level to the higher rates announced by President Donald Trump last April, ranging between 11% and 50%.

Meanwhile, sources within OPEC+ told Reuters that the group plans to increase production by 411,000 barrels per day in August, following similar hikes in May, June, and July. This would bring the total increase in the alliance’s supply for 2025 to 1.78 million barrels per day—equivalent to more than 1.5% of global oil demand.

Rana/Manar Salameh