Oil prices increased on Tuesday amid concerns about the threats and supply of Russian and Iranian oil, despite the uncertainty about global economic growth due to the new trade tariffs.
Brent crude contracts rose 55 cents to 76.42 dollars a barrel by 0717 GMT, while the Western US crude in Texas gained 50 cents to $ 72.82.
Each of the criteria has gained approximately 2 % in the previous session after three consecutive weekly losses. This increase comes after a decrease in Russian oil production, which decreased to 8.962 million barrels per day in January, less than OPEC+ share by 16,000 barrels per day.
US sanctions have disrupted Russian oil shipments to China and India Exports. Additional US sanctions were re -imposed on Iranian oil networks to China last week under the “maximum pressure” policy.
Meanwhile, new definitions can affect global demand. On Monday, President Donald Trump increased the tariff on steel and aluminum imports to 25 % without exemptions, affecting the shipments from Canada, Brazil, Mexico, South Korea and other countries.
Trump also imposed an additional 10 % tariff on Chinese goods last week, prompting China to provide reprisals, including a 10 % duty on US crude oil imports.
Weekly stock reports from the American Petroleum Institute are expected later on Tuesday, with the Energy Information Administration report on Wednesday.
