FX.co ★ Brent Gains for 2nd Day on Russia, Iran Supply Concerns

Brent crude oil futures advanced to approximately $74.9 per barrel on Tuesday, marking a rise for the second consecutive session and reaching their highest level in over a month. This uptick is driven by concerns over potential supply disruptions following recent statements by U.S. President Donald Trump directed at Russia and Iran. President Trump announced plans to impose secondary tariffs ranging from 25% to 50% on purchasers of Russian oil if he believes Moscow is obstructing his objectives to resolve the conflict in Ukraine. This move places significant pressure on major importers such as India and China. Additionally, President Trump issued threats of secondary tariffs and military action against Iran, contingent upon Iran's agreement to abandon its nuclear weapons program. Market participants are on edge in anticipation of President Trump's expected tariff announcements on Wednesday, which have sparked worries regarding their potential economic repercussions and the subsequent impact on oil demand.