Oil fell as President Donald Trump imposed his first set of sanctions and tariffs in a move that highlighted risks to the global economy and to trade.

Brent dropped toward $78 a barrel after logging its first weekly decline this year, with West Texas Intermediate above $74. The US imposed tariffs and sanctions on Colombia after it didn't allow military planes carrying deported migrants to land. The administration has also threatened actions on flows of goods from a host of other nations, including Canada and China.

Crude remains higher this year, after an earlier round of sanctions from the US on Russian oil and energy lifted physical prices, spurring some refiners in Asia to look for alternative supplies. Still, Brent declined sharply last week, with the US president urging producers' cartel OPEC to boost output, bring down prices, and raise the pressure on Russia to end the war in Ukraine.

Colombia — which imposed retaliatory sanctions against US goods — is the US's fourth-biggest source of overseas oil, topping both Saudi Arabia and Brazil, according to the Energy Information Administration. The latest data showed Colombia shipping more than 215,000 barrels a day to US ports.

The Organization of the Petroleum Exporting Countries and its allies are due to hold a ministerial panel next month. Delegates said they were sticking with existing plans for now, with OPEC+ aiming to start restoring barrels in monthly tranches of about 120,000 barrels a day from April.

Brent for March settlement fell 0.6% to $78.06 a barrel at 8:15 a.m. in Singapore. WTI for March delivery shed 0.7% to $74.17 a barrel.

Source : Bloomberg