Oil prices rose on Thursday after a U.S. court blocked most of President Donald Trump’s tariffs from taking effect, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July.
Brent crude futures climbed 78 cents, or 1.2%, to $65.68 a barrel. U.S. West Texas Intermediate crude advanced by 78 cents, or 1.3%, to $62.62 a barrel at 0405 GMT.
A U.S. trade court on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners.
The court was not asked to address some industry-specific tariffs Trump has issued on automobiles, steel and aluminium using a different statute.
The ruling buoyed risk appetite across global markets which have been on edge about the impact of the levies on economic growth, but analysts said the relief may only be temporary given the Trump administration has said it will appeal.
“But for now, investors get a breather from the economic uncertainty they love to loathe,” said Matt Simpson, an analyst at City Index in Brisbane.
