Doha: Oil prices dropped on Thursday as the latest tariff announcements by US President Donald Trump were perceived by market participants to threaten global economic growth and demand for the resource. Brent crude futures were down 22 cents, or 0.31 percent, at USD 69.97 a barrel. US West Texas Intermediate crude lost 27 cents, or 0.39 percent, to USD 68.11 a barrel.

According to Qatar News Agency, the drop in oil prices comes amid escalating trade tensions between the US and Brazil, with the US president threatening on Wednesday to impose tariffs of up to 50 percent on Brazilian exports to the US market. In contrast, Brazilian President Luiz Inacio Lula da Silva warned that his country may have a “reciprocal” response to these massive tariffs, which Washington intends to implement starting next August.