Oil prices extended a six-session slide on Friday, putting U.S. benchmark West Texas Intermediate below $64 a barrel and on course for a roughly 4.9% weekly drop, the steepest since late June. Brent crude hovered near $86, heading for a 4.3% decline over the same period, as prompt-month timespreads narrowed from last week’s highs. Traders pointed to the latest U.S. trade measures as the catalyst. Additional tariffs that took effect on Thursday—and the threat of secondary sanctions—target buyers of Russian crude, with India singled out and China warned it could face similar penalties. The steps have amplified concerns that higher costs and rising geopolitical tension will curb global oil demand. Market participants are also weighing the prospect of an imminent meeting between President Donald Trump and Russia’s Vladimir Putin, which could reshape sanctions policy but is seen unlikely to deliver a near-term breakthrough on the Ukraine conflict. Heavy crude flows from Canada and the Middle East are expected to rebound, improving U.S. refiners’ margins, while OPEC+ has given no signal of adjusting supply to stem the selloff.