FX.co ★ Oil Rises After US Imposes Tariffs on Iran's Allies

WTI crude oil futures increased to approximately $59.7 per barrel on Tuesday, reaching their highest level in over a month. This rise follows US President Donald Trump's announcement of additional tariffs targeting Iran's trading partners. On Monday, Trump declared his intent to implement a 25% tariff on imports from any country that conducts trade with Iran, thereby escalating pressure on the nation amid widespread domestic protests. He stated that this policy would be "enforced immediately," though he did not offer further specifics. Beyond these tariffs, Trump has also suggested that military action against Iran is a possibility, adding to the uncertainty in the region. These actions have elevated concerns about potential interruptions to Iranian oil exports, which are a significant contributor to the global supply. Additional supply issues were noted in other regions, such as Kazakhstan, where oil production is impacted by harsh weather conditions, maintenance operations, and damage to Russian infrastructure resulting from Ukrainian drone strikes.