Baghdad: Oil prices rose on Thursday, following a US court ruling preventing the implementation of tariffs imposed by President Donald Trump. Brent crude futures rose 81 cents, or 1.25%, to $65.71 a barrel by 01:02 GMT. US West Texas Intermediate crude rose 83 cents, or 1.34%, to $62.62 a barrel.

According to National Iraqi News Agency, the decision by the court has provided relief to the oil market, which had been bracing for potential disruptions caused by the tariffs. The ruling has eased concerns over global trade tensions, leading to a positive response in the oil futures market.

The rise in oil prices reflects investor optimism that the court’s decision will stabilize market conditions, at least in the short term. The tariffs, if implemented, were expected to affect oil supply chains and increase costs for oil imports, leading to significant market fluctuations.

Market analysts are closely monitoring the situation as further legal challenges or political responses could impact oil prices again. The current increase highlights the sensitivity of the oil market to geopolitical and judicial developments in major economies like the United States.