Oil Rises to Near Seven-Month High on U.S.–Iran Tensions, Trade Policy

PUKMEDIA

Oil prices.

Oil prices climbed on Tuesday, hovering near seven-month highs, as traders weighed geopolitical risks ahead of a new round of nuclear talks between United States and Iran, alongside renewed uncertainty over U.S. trade policy.

According to Reuters report, Brent crude futures rose 59 cents, or 0.8%, to $72.08 a barrel by 0424 GMT — their highest level since July 31. U.S. West Texas Intermediate (WTI) crude gained 57 cents, or 0.9%, to $66.88 a barrel, its strongest level since August 1.

A third round of nuclear negotiations is scheduled for Thursday in Geneva, according to Badr Albusaidi, Foreign Minister of Oman. Washington has demanded that Tehran abandon its nuclear programme, while Iran has firmly denied pursuing an atomic weapon and rejected calls to halt its activities.

Meanwhile, the U.S. State Department is withdrawing non-essential personnel and their families from the U.S. embassy in Beirut amid rising concerns about the potential for military confrontation with Iran.

On the trade front, U.S. President Donald Trump warned countries against stepping back from recently negotiated trade agreements after the Supreme Court of the United States struck down his emergency tariffs. He said he could impose significantly higher duties under alternative trade laws.

Trump also announced plans to raise a temporary tariff on U.S. imports from all countries from 10% to 15% — the maximum level permitted under the law — adding to broader market uncertainty.



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