Baghdad: Oil prices stabilized on Tuesday, as investors absorbed the impact of another round of tariffs, which could negatively affect the global economy and energy demand in the United States, the world’s largest oil consumer.
According to National Iraqi News Agency, Brent crude futures rose 11 cents, or 0.14%, to $75.98 a barrel. West Texas Intermediate crude rose five cents, or 0.07%, to $72.37. The stabilization in oil prices comes as the market grapples with the potential implications of new tariffs imposed by the United States.
US President Donald Trump decided today to increase tariffs on steel and aluminum imports to the United States to 25% “without exceptions or exemptions” to help the two struggling industries in the United States. The decision has sparked concerns about possible retaliatory measures and their impact on global trade dynamics and oil demand.