The U.S. is set to place hefty tariffs on several big energy producers—Algeria, Brazil, Iraq and Libya. So why do oil traders seem unbothered? For one thing, the executive order that accompanied Trump's April "Liberation Day" tariffs exempted energy and energy products.

Oil prices fell by around 2% on Thursday, as investors weighed the potential impact of U.S. President Donald Trump's tariffs on global economic growth. Brent crude futures were down $1.42, or 2.02%, at $68.

The US economy is expected to slow the rest of the year as tariffs take a bigger toll on consumers and businesses, immigration constraints intensify