Oil Prices Climb As Traders Weigh Trump’s Tariff Threats, Doha Strike
West Texas Intermediate climbed to trade near $63 a barrel during early Asian trading, while Brent closed above $66 on Tuesday.
Oil rose for a third session after President Donald Trump told European Union officials he’s willing to slap new tariffs on India and China in an effort to get Russia to negotiate with Ukraine.
However, it came with a caveat — Trump will only impose levies if EU nations do so as well. West Texas Intermediate climbed to trade near $63 a barrel during early Asian trading, while Brent closed above $66 on Tuesday. Futures gained in the previous session after Israel conducted a strike in Doha targeting senior Hamas leadership, raising concerns about escalating tensions.
The strike marks Israel’s first attack in Qatar’s capital since the onset of the nearly two-year conflict that has roiled global oil markets. It also threatens to derail US-led peace talks between Israel and Hamas, which might have eased lingering geopolitical risk premiums in crude prices. Israel has claimed full responsibility and Trump distanced himself from the attack.
Meanwhile, Trump’s tariff proposal amounted to a challenge given that nations including Hungary have blocked more stringent EU sanctions targeting Russia’s energy sector in the past. The US president has so far hit India with crushing levies for its oil trade with Moscow, but skipped similar measures on China.
Prices:
WTI for October delivery advanced 0.7% to $63.06 a barrel at 7:30 a.m. in Singapore.
Brent for November settlement closed 0.6% higher at $66.39 a barrel on Tuesday.
