Muscat: Oil prices edged down today, weighed by concerns of an economic slowdown driven by prospects of higher US tariffs. Brent crude fell 16 cents, or 0.24%, to $66.58 a barrel, while US West Texas Intermediate crude edged lower 20 cents, or 0.31%, to $64.91 a barrel.
According to Oman News Agency, US Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs, opens new tab despite good-faith negotiations. This warning comes as a 9 July deadline approaches, when tariff rates are scheduled to revert from a temporary 10% level to President Donald Trump’s suspended rates of 11% to 50% announced on 2 April.