Crude oil futures were little changed on Friday as markets balanced mixed U.S. economic signals with concerns over supply disruptions stemming from new European sanctions on Russia. Brent crude settled at $69.28 a barrel, down 24 cents or 0.3%, while U.S. West Texas Intermediate (WTI) slipped 20 cents, also 0.3%, to end at $67.34. Both benchmarks ended the week about 2% lower.
In the U.S., data showed that single-family housing starts fell to an 11-month low in June, highlighting economic headwinds from high interest rates. However, consumer sentiment improved in July and inflation expectations continued to fall—signs that could support future rate cuts and boost oil demand.
On trade, President Trump is pushing for a minimum tariff of 15–20% in talks with the EU, with analysts warning that cumulative tariffs could exceed levels not seen since the 1930s. Rising tariffs have the potential to stoke inflation and weigh on global fuel consumption.
Meanwhile, the European Union approved its 18th sanctions package targeting Russia’s energy sector, including a lower price cap and new restrictions on imports of petroleum products derived from Russian crude. Still, analysts say the muted market response reflects skepticism over enforcement and effectiveness.
Elsewhere, Chevron finalized its $55 billion acquisition of Hess, gaining a major stake in Guyana’s offshore oil reserves after prevailing in a legal battle against Exxon Mobil—highlighting the strategic focus on long-term supply growth despite current market volatility.