Oil Resumes Slide on Trade War Threat, Geopolitical Tensions

(Bloomberg) -- Oil continued its slide following last week’s steep losses after President Donald Trump threatened to slap further tariffs on China, while reports emerged that Iran had seized another foreign vessel in the Persian Gulf.Global benchmark Brent crude futures were down 0.9%, after dropping 2.3% last week. Trump’s threat to impose new tariffs on $300 billion of Chinese goods saw the market post its biggest one day sell-off in four years last Thursday. It found some relief on Friday from a robust payrolls report that boosted optimism on the U.S. demand outlook.Iran’s Revolutionary Guards seized a foreign oil tanker in the Persian Gulf on July 31, compounding concerns about the safety of shipping in a region crucial to oil exports.To contact the reporter on this story: James Thornhill in Sydney at jthornhill3@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Keith GosmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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