WASHINGTON (dpa-AFX) - Oil prices recovered some ground on Tuesday, after having fallen about 2 percent in the previous session and some 5 percent in the past week on China demand concerns and uncertainty surrounding Trump's energy policies.
Benchmark Brent crude futures climbed 0.6 percent to $76.66 a barrel in European trade, while WTI crude futures were up 0.7 percent at $73.70.
The recovery came as U.S. President Donald Trump threatened to introduce a wide-ranging set of tariffs on imports of some key industrial commodities.
Speaking at a congressional Republican event in Miami on Monday, Donald Trump said he wants to impose tariffs on imported commodities such as steel, aluminum and copper, and on goods such as computer chips, semiconductors, and pharmaceuticals in a push to increase U.S. production of these products.
Also, Scott Bessent was confirmed as U.S. Treasury Secretary, with the Financial Times reporting that he was in favor of universal tariffs starting at 2.5 percent.
Bessent has backed tougher curbs on Russian oil, while also saying that the U.S. could 'make Iran poor again' through sanctions.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
