Oil Gains on Iran Supply Disruption Fears After U.S. Tariffs

Oil prices climbed to their highest level since November aft President Donald Trump said the U.S. would enforce a 25% tariff connected immoderate state doing concern with Iran.

"The imaginable for reduced Iranian proviso has tempered earlier bearish sentiment driven by expectations of a planetary glut, portion concerns persist that the tariff determination could strain relations with large crude buyers specified arsenic China, which accounts for astir of Iran's lipid exports," said Soojin Kim from MUFG. "Markets are besides balancing this with developments successful Venezuela."

In aboriginal trading, Brent crude and WTI some gained 0.5% to $64.17 a tube and $59.81 a barrel, respectively, aft settling higher successful the erstwhile session.