Muscat: Oil prices rose today, supported by rising tensions in the Middle East and a call by US President Donald Trump for Europe to impose tariffs on buyers of Russian oil, though gains were limited by a weak market outlook. Brent crude futures rose 35 cents, or 0.53%, to $66.74 a barrel, while US West Texas Intermediate (WTI) crude futures gained 36 cents, or 0.57%, to $62.99.
According to Oman News Agency, the market’s attention remains fixed on geopolitical developments in the Middle East, which have historically influenced oil prices due to potential disruptions in supply. The situation has been compounded by President Trump’s suggestion for Europe to consider tariffs on Russian oil buyers, adding another layer of complexity to the international trade landscape.
Despite these upward pressures, the oil market outlook remains weak, which has capped the gains seen today. Analysts suggest that ongoing concerns over global economic growth and potential decreases in oil demand continue to weigh on the market, tempering any significant price increases.
The interplay of geopolitical tensions and economic concerns presents a challenging environment for oil traders, who must navigate these factors to anticipate future price movements. The situation underscores the delicate balance between supply disruptions and demand outlook that continues to define the oil market.