Oil prices rose slightly on Tuesday following threats from US President Donald Trump to impose secondary tariffs on Russian crude and launch strikes on Iran. However, concerns over the impact of a trade war on global economic growth limited further gains.
Brent crude rose 21 cents, or 0.3%, to $74.98 a barrel in early trading, while US West Texas Intermediate (WTI) gained 22 cents, or 0.3%, reaching $71.70.
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Market strategist Yeap Jun Rong of IG noted that near-term risks remain tilted to the upside, as investors factor in the possibility of tighter oil supplies due to potential US actions against Russian and Iranian exports.
He added that broader concerns persist over the impact of tariffs on global demand, alongside expectations of increased supply from OPEC+ and the US.
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