Brent crude oil futures dropped 1.1% to settle at $66.9 per barrel on Wednesday, marking a fifth straight decline and hitting a fresh five-week low. Prices initially rose on supply concerns following President Trump’s executive order imposing a 25% tariff on Indian goods over its Russian oil imports. A larger-than-expected 3 million barrel drop in US crude inventories also provided temporary support. However, the gains faded after US Secretary of State Marco Rubio signaled that an announcement on potential sanctions against Russia could come later in the day, adding uncertainty to the market. Sentiment was further pressured by expectations of a supply increase from OPEC+ members. Traders are now awaiting clarity on the scope and timing of any sanctions or tariffs and their potential impact on global supply.