Oil Prices Stabilize Near Five-Week High Amid Global Trade Tensions
Brent crude and West Texas Intermediate show minor gains despite geopolitical concerns.
Oil prices remained stable near a five-week high on Tuesday, as market concerns were tempered by threats from U.S. President Donald Trump regarding potential secondary tariffs on Russian crude and military actions against Iran.
These developments have raised fears about the potential impact of trade tensions on global economic growth.
Brent crude futures increased by 3 cents, or 0.04%, to $74.80 per barrel during trading, having previously surpassed $75 per barrel earlier in the session.
Meanwhile, West Texas Intermediate (WTI) crude gained 4 cents, or 0.06%, reaching $71.52 per barrel.
Both crude benchmarks recorded their highest settlement prices in five weeks on Monday.
A survey conducted by Reuters, which included 49 economists and analysts in March, indicated expectations that oil prices could face continued pressure throughout the year due to U.S. tariffs and an economic slowdown.
These developments have raised fears about the potential impact of trade tensions on global economic growth.
Brent crude futures increased by 3 cents, or 0.04%, to $74.80 per barrel during trading, having previously surpassed $75 per barrel earlier in the session.
Meanwhile, West Texas Intermediate (WTI) crude gained 4 cents, or 0.06%, reaching $71.52 per barrel.
Both crude benchmarks recorded their highest settlement prices in five weeks on Monday.
A survey conducted by Reuters, which included 49 economists and analysts in March, indicated expectations that oil prices could face continued pressure throughout the year due to U.S. tariffs and an economic slowdown.
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