Oil prices slipped on Monday after President Donald Trump said he would raise U.S. tariffs on global imports, creating uncertainty for world economic growth and fuel consumption.
Brent crude futures slid 45 cents, or 0.63%, to $71.31 a barrel by 2315 GMT while U.S. crude futures were at $65.98 a barrel, down 50 cents, or 0.75%.
Trump said on Saturday he would raise a temporary tariff from 10% to 15% on U.S. imports from all countries, the maximum level allowed under the law, after the U.S. Supreme Court struck down his previous tariff programme.
The tariff decision offset the rising risk of a military conflict between the U.S. and Iran, which pushed Brent and West Texas Intermediate prices up more than 5% last week.