Crude oil and gasoline prices plummeted on Friday due to global energy demand concerns stemming from President Trump’s tariff policies and weak US economic reports. Trump’s announcement of higher tariffs for countries with trade surpluses also contributed to the drop, as did the US economic news, which was below expectations.

President Trump’s announcement of new tariffs, along with weak US economic data, negatively impacted crude oil prices on Friday. The possibility of increased sanctions on Russian energy exports could further affect energy demand and supply.

The European Union’s approval of fresh sanctions on Russian oil, including restrictions on Russian petroleum refined in other countries, has further complicated the energy market. Sanctions also target Russian banks and ships, adding pressure to the already volatile situation.

OPEC+ is considering halting further production increases from October, concerned about a potential global oil glut and a slowdown in demand. The group may increase production by 548,000 barrels per day in September, with potential for additional hikes.

The decision by OPEC+ to raise crude production in August and beyond, in an effort to reduce oil prices and penalize overproducing members, has raised concerns about a surplus in the global crude oil market.

Iraq’s plan to resume oil exports through the Iraq-Turkey pipeline could contribute to an increase in global crude oil supply, impacting oil prices.

An increase in crude oil stored on tankers is adding bearish pressure to oil prices, signaling an oversupply in the market.

US crude oil inventories are below seasonal averages, with a slight rise in production.

The number of active US oil rigs has decreased to a new low, indicating a downward trend in oil exploration and production.

Read more at Yahoo Finance: Crude Prices Plunge on US Economic Concerns