Oil prices are sinking Friday morning following Trump's Mexico tariff tweet and Thursday's White House announcement of new tariffs against Mexico and a smaller-than-expected drop in U.S. stockpiles.

Why it matters: Trade fights have the potential to soften demand. Battles with China were already putting downward pressure on oil, and the opening of another front in Trump's trade fights only adds to that sentiment.

Where it stands: Oil prices dropped to around $55.36 for WTI crude and $63.94 for Brent in trading this morning.

What they're saying: John Driscoll of JTD Energy Services tells Bloomberg that Trump “seems willing to fight trade wars now on multiple fronts.”

  • That's a "genuine worry for global growth and oil demand," the news service reports in summarizing his comments.

The big picture: Trade tensions and high U.S. production are putting oil prices on pace for their biggest monthly drop since November, Reuters reports.

Go deeper: How trade wars like Trump's threaten U.S. oil and gas exports

Go deeper

Updated 6 mins ago - World

Scoop: Decisive meeting could lead to Israeli-Sudanese normalization

Lt. Gen. Abdel Fattah al-Burhan, Sudan's head of the Sovereign Council, meets with Bahraini aid officials in Khartoum, Sept. 15. Photo: Mazen Mahdi/AFP via Getty Images

U.S., Emirati and Sudanese officials will hold a decisive meeting in Abu Dhabi on Monday on a possible normalization agreement between Sudan and Israel, Sudanese sources told me.

Why it matters: If the U.S. and the United Arab Emirates accommodate Sudan’s requests for economic aid, an announcement on a normalization agreement with Israel similar to the ones struck with the UAE and Bahrain could be made within days, sources briefed on the process tell me.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:45 p.m. ET: 30,838,610 — Total deaths: 958,090— Total recoveries: 21,088,552Map.
  2. U.S.: Total confirmed cases as of 12:45 p.m. ET: 6,777,026 — Total deaths: 199,352 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Trump's health secretary asserts control over all new rules.
  4. Education: What we overlooked in the switch to remote learning
  5. Health: The dwindling chances of eliminating COVID-19.
  6. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.
Updated 2 hours ago - Health

7 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

Seven states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project and state health departments. Wisconsin and Nebraska surpassed records set the previous week.

Why it matters: Problem spots are sticking in the Midwest, although the U.S. is moving in the right direction overall after massive infection spikes this summer.