By Tariff Threats Lift Oil Prices
Oil prices edged higher on Friday as markets weighed U.S. President Donald Trump’s proposed tariffs on Canadian and Mexican exports. Brent crude futures for March gained $0.61 to $77.48 per barrel, while U.S. WTI crude rose $0.65 to $73.38.
Despite this uptick, weekly losses loom, with Brent and WTI down 1.3% and 1.69%, respectively. However, January’s gains mark a recovery, with Brent up 3.8% and WTI climbing 2.3%.
Supply Disruptions and Policy Moves
Uncertainty lingers over whether crude oil imports will face the proposed 25% tariffs, heightening concerns of supply disruptions. Analysts also highlight the impact of U.S. sanctions on Russian oil and Trump’s energy policies on the global market.
“The geopolitical risk premium is rising as supply chains tighten further,” said Phillip Nova analyst Priyanka Sachdeva.
Upcoming OPEC+ Meeting
The Feb. 3 OPEC+ meeting could be pivotal, as the group evaluates production plans amid U.S. sanctions and Trump’s push to boost domestic oil output. Monetary policy also remains in focus, with the Federal Reserve signaling caution amid inflation concerns.