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

WTI crude oil futures climbed to approximately $71.6 per barrel on Tuesday, marking the second consecutive session of gains and aligning near its highest point in over a month. This upward trend is linked to concerns over potential supply disruptions following the latest threats by U.S. President Donald Trump towards Russia and Iran. Trump has pledged to implement secondary tariffs ranging from 25% to 50% on purchasers of Russian oil if he believes Moscow is obstructing his efforts to resolve the conflict in Ukraine. This decision places significant pressure on major importers like India and China. Additionally, Trump warned Iran of possible secondary tariffs and military action unless it agrees to a deal renouncing nuclear weapons. Market participants are preparing for Trump’s expected tariff announcements on Wednesday, causing apprehension about their economic impact and the potential to reduce oil demand.