Oil Steady Amid Fallout from Trump's Proposed Tariffs
Oil prices remained stable as the market assessed the potential impact of President Donald Trump's proposed reciprocal tariffs on U.S. trading partners.
West Texas Intermediate crude was trading near $71 a barrel, while Brent crude closed near $75. The President has signed a measure authorizing country-by-country tariffs, a process that could take weeks or months to implement, increasing trade tensions.
Despite these concerns, oil is poised for a slight weekly gain, buoyed by signs that U.S. sanctions are restricting the flow of Russian crude. However, speculation that talks between Trump and Russian President Vladimir Putin could lead to an end to the war in Ukraine has raised hopes that supply risks may ease.