The North Sea crude benchmark in Europe concluded the session on the Intercontinental Exchange trading 46 cents above the previous day’s close at $74.49.
The Brent crude price rose despite high uncertainty regarding an announcement from Donald Trump about imposing tariffs on US imports, which could potentially escalate the ongoing trade war he initiated.
This uncertainty also extends to the oil market, as Trump has indicated plans to impose a 25% tariff on all imports from countries purchasing oil and gas from Venezuela. He additionally threatened to tighten sanctions on the Russian oil industry and recently implemented sanctions on Iranian oil infrastructure.
These developments overshadowed today’s news of a higher-than-expected increase in US oil stocks, which rose by 6.2 million barrels last week.
