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Market & Economic Intelligence Platform Insight on Macro, Commodities, Equities & Policy

29 May 2025 06:59  |

Oil Jumps After U.S. Trade Court Blocks Trump’s Tariffs

Oil jumped after a U.S. trade court blocked President Donald Trump’s global tariffs, deeming them illegal.

West Texas Intermediate rose above $62 a barrel after rising 1.6% in the previous session, while Brent settled near $65.

Trump’s massive tariffs and retaliatory actions by targeted countries have roiled global markets and raised concerns about an economic slowdown. The ruling could be impressive. WTI for July delivery jumped 0.9% to $62.40 a barrel at 7:36 a.m. in Singapore.

Brent for July settlement closed 1.3% higher at $64.90 a barrel on Wednesday.

Source: Bloomberg

 

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