New York: Oil prices rose more than 1% today, recovering from heavy selling in previous sessions due to fears that US tariffs would reduce demand and lead to a global recession.

According to National Iraqi News Agency, Brent crude futures increased by 81 cents, or 1.26%, reaching $65.02 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures climbed 92 cents, or 1.52%, to settle at $61.61 a barrel.

Oil prices had fallen 2% yesterday, nearing their lowest level in four years. This decline was driven by concerns that the recent tariffs imposed by US President Donald Trump might push global economies into recession, consequently reducing energy demand. However, markets are anticipating a potential limit to the decline in oil prices.