05:03 AM EDT, 07/22/2025 (MT Newswires) -- Crude oil prices dropped on Tuesday amid concerns about lower global economic activity due to trade tensions between major crude customers.

Brent crude at last look traded 0.9% lower at US$68.60/barrel and West Texas Intermediate crude lost 1.2% to US$66.40/b.

Markets are on edge about tariff threats between the U.S. and the European Union and other trade policy changes, Reuters said in a Tuesday report, citing analysts.

The EU is reportedly exploring a broader set of potential countermeasures against the U.S. amid fading prospects for a trade agreement. If a deal is not reached, the U.S. is set to impose a 30% tariff on EU imports starting on Aug. 1.

Supply concerns have been offset by major producers boosting oil output, with signs that rising oil supply has entered the market from the Organization of the Petroleum Exporting Countries and allied producers, the report said.