Oil prices slipped Wednesday, but the energy market remains on edge. A deadly attack in the Red Sea, lower U.S. output forecasts, and new copper tariffs from President Trump are all influencing prices. Brent and WTI both fell slightly as traders weighed the risks.
There’s a lot happening at once: OPEC+ is adding more oil to the market, but inventories haven’t climbed, showing strong demand. Meanwhile, U.S. travel surged over the July 4 weekend, giving short-term support to fuel prices. The big question now is how rising global tensions and shifting trade policies will shape energy markets going forward.