Oil Prices Increase Amid Tariff Exemptions, US, Iran Talks
(MENAFN) Oil prices saw a modest increase on Tuesday, buoyed by several global developments including new US tariff exemptions, coordinated reductions in oil production, and diplomatic discussions between Washington and Tehran.
Brent crude, the international standard for oil pricing, climbed by approximately 0.57 percent, reaching USD64.92 per barrel by 10:22 a.m. local time (0722 GMT), a slight increase from its previous session’s closing price of USD64.55.
Meanwhile, the American benchmark, West Texas Intermediate (WTI), experienced a rise of about 0.55 percent, trading at USD61.50 per barrel—up from its earlier closing level of USD61.16.
The upward trend in oil values was primarily encouraged by the US decision to implement further tariff exemptions.
However, this momentum was short-lived as ongoing trade frictions reignited anxieties regarding global energy consumption.
The US move included exemptions on a selection of technology items such as smartphones, computers, and associated equipment, easing the impact of retaliatory tariffs on nations like China.
Despite this, President Donald Trump on Sunday refuted claims that his administration had officially sanctioned these exemptions, challenging earlier implications that consumer electronics would be excluded from broad tariff regulations.
"NOBODY is getting 'off the hook' for the unfair Trade Balances, and Non-Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst," Trump declared on his Truth Social platform.
Brent crude, the international standard for oil pricing, climbed by approximately 0.57 percent, reaching USD64.92 per barrel by 10:22 a.m. local time (0722 GMT), a slight increase from its previous session’s closing price of USD64.55.
Meanwhile, the American benchmark, West Texas Intermediate (WTI), experienced a rise of about 0.55 percent, trading at USD61.50 per barrel—up from its earlier closing level of USD61.16.
The upward trend in oil values was primarily encouraged by the US decision to implement further tariff exemptions.
However, this momentum was short-lived as ongoing trade frictions reignited anxieties regarding global energy consumption.
The US move included exemptions on a selection of technology items such as smartphones, computers, and associated equipment, easing the impact of retaliatory tariffs on nations like China.
Despite this, President Donald Trump on Sunday refuted claims that his administration had officially sanctioned these exemptions, challenging earlier implications that consumer electronics would be excluded from broad tariff regulations.
"NOBODY is getting 'off the hook' for the unfair Trade Balances, and Non-Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst," Trump declared on his Truth Social platform.
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