Crude futures settle lower

Oil prices fell on Friday.

The West Texas Intermediate for September delivery decreased by 2.88 U.S. dollars, or 3.12 percent, to settle at 89.31 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery lost 3.91 dollars, or 3.88 percent, to settle at 96.78 dollars a barrel on the London ICE Futures Exchange.

U.S. stocks ended mixed on Friday as investors assessed a new set of global tariffs against a backdrop of AI jitters, rising oil prices, and elevated bond yields.

The Dow Jones Industrial Average rose 0.46 percent to 51,947.25. The Standard and Poor's 500 added 0.05 percent to 7,411.98. The Nasdaq Composite Index shed 0.64 percent to 24,975.82.

Ten of the 11 primary Standard and Poor's 500 sectors ended in the green, with real estate and materials leading the gainers by going up 2.36 percent and 1.44 percent, respectively. Meanwhile, technology bucked the trend by falling 0.88 percent.

Even with Friday's modest gains, the major indexes registered weekly losses after the "Magnificent Seven" stocks collectively shed nearly 800 billion U.S. dollars in market value on Thursday amid a sell-off sparked by ballooning AI spending.

The United States imposed tariffs of 10 percent to 12.5 percent on imported goods from dozens of economies starting Friday, citing Section 301 of the Trade Act of 1974. The new trade measures took effect just as temporary 10-percent worldwide tariffs expired the same day at 12:01. The administration of U.S. President Donald Trump had turned to those temporary levies after the Supreme Court struck down his broader tariff initiatives in February.

On the corporate front, Intel shares fell nearly 8 percent on Friday despite the company's second-quarter results exceeding Wall Street's expectations. Verizon Communications and NextEra Energy reported earnings that beat expectations but missed revenue estimates.

American Express shares slipped more than 4 percent as investors focused on an unchanged profit outlook, although the credit card provider raised its 2026 revenue forecast on Friday because its affluent customers continued to spend on travel, entertainment and dining.