Oil prices climbed on Tuesday, fueled by optimism over potential flexibility in US President Donald Trump’s tariff policies and ongoing geopolitical tensions between Russia and Ukraine. Brent crude rose by 0.3% to $72.71 per barrel, while West Texas Intermediate increased by 0.4% to $69.30 per barrel. Trump’s remarks on reciprocal tariffs and planned talks with Chinese President Xi Jinping signaled a more balanced trade approach, boosting market confidence.
Meanwhile, Trump’s executive order imposing tariffs on countries importing Venezuelan oil has raised concerns over supply disruptions, pushing oil prices higher. However, fears of rising fuel costs for US consumers have limited further gains. Additionally, Russia accused Ukraine of targeting energy facilities despite a temporary truce, further heightening market concerns over supply security.
The ongoing volatility in the oil market reflects the broader uncertainty surrounding US trade policies and geopolitical risks in Eastern Europe. Despite diplomatic efforts, continued hostilities between Russia and Ukraine could sustain upward pressure on global oil prices in the coming weeks.
