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Oil prices fell on Monday, following the trend of the US stock market. As the Sino-US trade consultation situation turned sharply, investors panicked. They pushed up oil prices in early trading, fearing that the reported destruction of several tankers in the Middle East could lead to supply disruption.

Brent crude oil futures fell $0.39 in July to close at $70.23 a barrel. The contract hit an intraday high of $72.58 a barrel earlier.

US crude oil futures fell $0.62 to close at $61.04 a barrel, after hitting $63.33 a barrel.

Oil prices were weighed down by the stock market and other risky assets, as the escalation of Sino-US trade wars prompted investors to turn to safe-haven assets such as US debt.

China ignored the warning from US President Trump and raised tariffs on a range of US imports, including frozen vegetables and liquefied natural gas. Last week, Washington raised $200 billion in tariffs on Chinese imports, and it is widely expected that China will take revenge.

Investors are worried that the trade war between the two largest economies in the world may escalate further, leading the global economy out of line.

“The stock market’s massive sell-off has dragged down crude oil prices,” said Andrew Lipow, president of Lipow Oil Associates. “However, if there is no news of a devastating attack on the tanker in the Middle East, crude oil prices may be much lower.”

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