U.S. and global oil futures declined on Thursday as a hefty rise in last week’s U.S. supplies and uncertainty surrounding tariff disputes helped to weaken the outlook for crude demand, prompting prices to settle at their lowest levels of the year.

Thanks to abundant supply and fairly flat demand, oil prices are forecast to fall — unless tariffs and geopolitics get in the way.

Crude oil inventories and gasoline stocks saw larger than expected builds last week, leading to a renewed sell off in oil

Oil futures on Wednesday marked their lowest settlement prices of the year, after official U.S. data showed a weekly climb of nearly 9 million barrels in U.S. crude inventories and as the U.S.-China trade battle threatened to dent demand.

President Trump’s tariff on Canadian oil is expected to raise prices at the pump for U.S. consumers, if it takes effect as planned after a 30-day delay. Analysts told The Hill that the 10 percent

Tariffs on oil imports mean higher costs for making finished fuels like gasoline, much of which is likely to be passed along to U.S. consumers.

Oil futures bounced Friday from 2025 lows, but were on track for a third straight weekly fall amid rising U.S. inventories and worries that higher U.S. tariffs on China will dent growth and crude demand.

Oil prices on the New York commodity exchange are falling after China imposed tariffs on American goods, including oil and liquefied natural gas. In addition to concerns about a trade war, investors are also worried about U.