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Oil Markets Rally 1.5% as Trade Court Blocks Import Levies

Oil prices rose by 1.5% on Thursday after a U.S. court blocked President Trump’s broad tariffs on imports, providing temporary relief to markets concerned about economic growth.

Brent crude reached $65.84 per barrel while WTI hit $62.74. The market is also monitoring potential new sanctions on Russian oil and an upcoming OPEC+ decision about increasing production in July.

Additional supply concerns include Chevron’s terminated operations in Venezuela after losing its license. Despite various supply risks, analysts expect oil demand to outpace supply through August.

Original Source: CNBC

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