Oil prices climbed to their highest level since November after President Donald Trump said the U.S. would impose a 25% tariff on any country doing business with Iran.
“The potential for reduced Iranian supply has tempered earlier bearish sentiment driven by expectations of a global glut, while concerns persist that the tariff move could strain relations with major crude buyers such as China, which accounts for most of Iran’s oil exports,” said Soojin Kim from MUFG. “Markets are also balancing this with developments in Venezuela.”
In early trading, Brent crude and WTI both gained 0.5% to $64.17 a barrel and $59.81 a barrel, respectively, after settling higher in the previous session.
