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Oil markets rallied this week after the U.S. Court of International Trade ruled that former President Donald Trump exceeded his legal authority in imposing wide-ranging import tariffs under the International Emergency Economic Powers Act (IEEPA). The decision is seen as a major win for trade normalization, and it has had immediate effects on energy prices.
Following the ruling, Brent crude rose 1.2% to $65.68 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed 1.3% to $62.62 per barrel, reflecting improved sentiment among traders.
While the Biden administration plans to appeal, analysts believe the court’s decision may set a precedent that limits future executive actions affecting trade. The markets responded positively, with gains seen not just in oil but also in equities and the U.S. dollar. Global stocks edged higher on the news.
In addition to legal developments, supply-side factors are also impacting oil prices. There’s growing anticipation around the next OPEC+ decision, possible new U.S. sanctions on Russian crude, and potential disruption of Venezuelan exports after the expiration of U.S. licenses.
Although the ruling provides near-term market relief, the overall energy landscape remains volatile. Legal uncertainties, geopolitical risks, and shifting demand will continue to shape price movements in the weeks ahead.
