Oil prices saw a rise in early trading on Tuesday, mainly driven by new tariff exemptions proposed by President Donald Trump and an increase in crude oil imports from China, which is expected to tighten supply from Iran.
Brent crude futures climbed by 27 cents, or 0.42%, reaching $65.15 per barrel, while U.S. West Texas Intermediate crude also increased by 26 cents, matching the 0.42% rise, and settling at $61.79.
In a related note on the ongoing trade situation, President Trump mentioned that he is looking into changing the 25% tariffs that have been placed on foreign vehicle and auto parts imports from countries like Mexico and Canada.
