Oil prices increased on Tuesday amid concerns over Russian and Iranian oil supply and sanctions threats, despite uncertainty over global economic growth due to new trade tariffs.
Brent crude futures rose 55 cents to $76.42 per barrel by 0717 GMT, while U.S. West Texas Intermediate crude gained 50 cents to $72.82.
Both benchmarks gained nearly 2% in the previous session after three consecutive weekly losses. The increase follows a decline in Russian oil production, which fell to 8.962 million barrels per day in January, below its OPEC+ quota by 16,000 barrels per day.
U.S. sanctions on Russian oil shipments to China and India have disrupted exports. Additional U.S. sanctions on networks transporting Iranian oil to China were reimposed last week under the “maximum pressure” policy.
Meanwhile, new tariffs could impact global demand. President Donald Trump on Monday increased tariffs on steel and aluminum imports to 25% without exemptions, affecting 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 introduce retaliatory measures, including a 10% duty on U.S. crude oil imports.
Weekly stock reports from the American Petroleum Institute are expected later on Tuesday, with an Energy Information Administration report due on Wednesday.
