Brent crude oil futures declined to approximately $70 per barrel on Thursday, influenced by mounting concerns over potential global trade disruptions that could adversely affect oil consumption. The market's attention is drawn to a series of tariff directives issued by President Trump, with Brazil recently being faced with substantial duties, following prior threats on copper imports and other countries. Further compounding the situation, the Energy Information Administration (EIA) reported an unexpected increase of 7.1 million barrels in crude stockpiles last week, contrary to the anticipated decrease of 2.1 million barrels. Nonetheless, distillate and gasoline inventories witnessed a decline, with the latter suggesting robust demand. The market's losses were somewhat mitigated by renewed hostilities in the Red Sea, affecting a vital global maritime route. On the supply front, OPEC+ is preparing for a significant increase in output this September as eight member nations reduce voluntary cuts and the United Arab Emirates (UAE) transitions to a higher production quota. Despite this anticipated boost in supply, the UAE emphasized that inventories are not accumulating, indicating sustained strong demand.