Oil prices are being tempered by fears that trade tensions will hit demand. The market closed with daily gains Friday after the U.S. imposed new sanctions on Iranian crude exports, but fell throughout the week as investors fretted about Trump’s renewed trade war with China and tariff threats against other countries.

Brent crude futures settled up 37 cents, or 0.5%, at $74.66 a barrel, fell more than 2% this week. WTI crude settled up 39 cents, or 0.55%, at $71.00 a barrel.

News of planned tariffs from the Trump administration curbed gains after the sanctions were announced on Thursday. Investors are trying to analyse the White House’s talk of sanctions/no sanctions, tariffs, and whether oil prices are low enough for the president.

The U.S. Treasury Department said Thursday it was imposing new sanctions on several individuals and tankers that help ship millions of barrels of Iranian crude oil annually to China.

The tariffs and the halts are adding to the uncertainty for the oil market. The tariffs and retaliatory attacks on the contango are hurting global GDP and oil demand.

Trump, who announced a 10% tariff on Chinese imports as part of a broad plan to improve the U.S. trade balance, has suspended plans to impose higher tariffs on Mexico and Canada.

Trump is giving and Trump is taking back!

The downward pressure on the tariffs is being fueled by concerns about a trade war that is fueling fears of weakening oil demand.

Oil prices fell on Thursday after Trump reiterated his promise to increase U.S. oil production, rattling traders a day after the country reported a much bigger-than-expected increase in crude inventories.