WTI price trades in positive territory near $70.80 in Tuesday’s early Asian session.
The US rolled out new Iran-related sanctions, lifting the WTI price.
Trump’s tariff plans and war in Ukraine remain in focus.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.80 during the early Asian session on Tuesday. The WTI price extends the recovery amid concerns of near-term supply tightness.
The United States (US) imposed a fresh round of sanctions, the Treasury and State Departments announced on Monday, targeting companies and individuals, including the head of Iran's national oil company. This might add to concerns of near-term supply tightness, weighing on the WTI price.
On the other hand, traders will closely monitor the developments surrounding further tariff policies from US President Donald Trump. Concerns over a potential global trade war could limit further gains for black gold. US President Donald Trump said Monday that sweeping US tariffs on imports from Canada and Mexico “will go forward” when a month-long delay on their implementation expires next week.
Additionally, the thaw in US-Russian ties as well as possible peace talks on the Russia-Ukraine war might exert some selling pressure on the WTI price. This could eventually lead to reduced sanctions on Russia and the full resumption of Russian oil exports.
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