Oil prices climbed as the US imposed new sanctions on Iranian oil shipments, while Donald Trump reaffirmed plans for trade tariffs.
Brent crude for March delivery was trading at $74.87 on Tuesday having briefly surpassed $75 a barrel
The latest sanctions target brokers, ships, and individuals linked to Iran’s crude exports, adding to previous restrictions.
Market watchers remain cautious about the potential impact on global supply, with OPEC+ expected to maintain output limits, while Iraq pushes to restart Kurdish oil flows.