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Oil prices surged by around $1 per barrel on Thursday, buoyed by a U.S. federal court ruling that blocked most of President Donald Trump\u2019s proposed tariffs, easing concerns over a potential hit to global trade and economic growth. Brent crude futures rose $1.12, or 1.7%, to $66.02 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.14, or 1.8%, to $62.98 per barrel by 08:00 GMT.<\/p>\n\n\n\n
The U.S. Court of International Trade ruled that Trump had overstepped his authority in imposing sweeping tariffs on imports from major trading partners, though it did not address industry-specific duties such as those on steel, aluminium, and automobiles. The decision sparked a rally in risk assets across global markets, as investors hoped for a de-escalation in the trade tensions that have weighed on growth prospects. However, the Trump administration\u2019s announcement that it would appeal the ruling tempered some of the optimism.<\/p>\n\n\n\n
Adding to market momentum were concerns over fresh U.S. sanctions that could further limit Russian crude exports, potentially tightening global supply. Meanwhile, OPEC+ is set to meet on Saturday, with the alliance likely to discuss an accelerated increase in oil production for July. Delegates have previously indicated that a 411,000 barrels per day hike, in line with increases for May and June, remains under consideration.<\/p>\n\n\n\n
Supply risks were further underscored by Chevron\u2019s (NYSE:CVX) complete withdrawal from Venezuela, following the Trump administration\u2019s revocation of its operating license. Chevron had been a key player in Venezuela, exporting around 290,000 barrels per day\u2014over a third of the country\u2019s total oil exports\u2014before suspending shipments in April due to payment uncertainties linked to sanctions.<\/p>\n\n\n\n
Traders are also awaiting fresh U.S. inventory data from the American Petroleum Institute (API) and the Energy Information Administration (EIA). Preliminary figures suggest a decline in U.S. crude and gasoline stocks last week, while distillate inventories may have increased.<\/p>\n\n\n\n
Adding to the complex supply picture, a wildfire in Alberta, Canada has forced the evacuation of a small town and temporarily shut down some oil and gas production sites, potentially limiting output from the region.<\/p>\n\n\n\n
With multiple factors in play, including geopolitical risks, legal battles over tariffs, and potential supply adjustments from major producers, oil markets are bracing for continued volatility in the days ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices surged by around $1 per barrel on Thursday, buoyed by a U.S. federal court ruling that blocked most of President Donald Trump\u2019s proposed tariffs, easing concerns over a potential hit to global trade and economic growth. Brent crude futures rose $1.12, or 1.7%, to $66.02 a barrel, while U.S. West Texas Intermediate (WTI) …<\/p>\n","protected":false},"author":9,"featured_media":95641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[],"class_list":["post-114940","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=114940"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114940\/revisions"}],"predecessor-version":[{"id":114941,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/114940\/revisions\/114941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/95641"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=114940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=114940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=114940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}