05:02 AM EDT, 07/10/2025 (MT Newswires) -- Crude oil prices declined on Thursday amid concerns about global economic growth due to U.S. tariffs, with geopolitical risk premiums diminished following the Israel-Iran ceasefire.

Brent crude at last look eased 0.4% to US$69.91/barrel and West Texas Intermediate crude lost 0.6% to US$68/b.

Markets are on edge due to potential impacts of U.S. tariffs on global economic growth, which would put pressure on oil demand, Reuters said in a Thursday report.

On Wednesday, Trump said it may impose a 50% tariff on exports to the U.S. from Brazil, Latin America's largest economy. Trump also announced plans for tariffs on copper, semiconductors and pharmaceuticals, the report said.

Tariff letters have also been sent to the Philippines, Iraq and other countries, adding to letters issued earlier this week to South Korea and Japan.

A weaker U.S. dollar and a drop in U.S. gasoline and distillate inventories, indicating a rise in demand, prevented oil prices from recording larger declines, Reuters reported, citing analysts and data from the U.S. Energy Information Administration.