Oil rose to the highest level since early December after US President Donald Trump said he is imposing a 25% tariff on goods from countries “doing business” with Iran.
West Texas Intermediate climbed to near $60 a barrel after jumping more than 6% over the previous three sessions, while Brent closed below $64 on Monday. Trump said on social media that the new duty would be “effective immediately,” without providing details about the scope or implementation of the charges.
Any new tariffs could reignite a trade war with China, the world’s top crude importer and the biggest buyer of Iranian barrels. The protests in OPEC’s fourth-biggest producer have fanned concern over supply disruptions — leading oil traders to line up protection against a spike in prices at an unprecedented rate.
Prices
WTI for February delivery rose 0.4% to $59.72 a barrel at 7:21 a.m. in Singapore.
Brent for March gained 0.8% to settle at $63.87 a barrel on Monday.
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