Oil prices rise after US federal trade court blocks Trump tariffs

According to Reuters, oil prices increased on Thursday after the US federal trade court blocked the implementation of tariffs imposed by President Donald Trump. At the same time, market attention was focused on the potential introduction of new US trade duties on Russian oil and OPEC+’s decision to raise crude oil production starting in July.

On Thursday, the prices of two benchmark oil grades—Brent and WTI—rose by approximately 78 cents, or 1.2% and 1.3%, respectively.

The day before, the US trade court announced that President Trump exceeded his authority when imposing import tariffs on exporting countries. According to the agency, this ruling may be temporary. Nevertheless, it has provisionally reduced economic uncertainty for investors.

Also, in accord with an extended Reuters survey, US crude oil and distillate stocks increased last week, while gasoline inventories in the country declined. Rystad Energy analyst Mukesh Sahdev predicts that oil demand will outpace supply in the coming months, creating favorable conditions for further price increases.