WASHINGTON (dpa-AFX) - Crude oil benchmarks rebounded on Tuesday as fresh threats of tariffs on Tehran's trading partners and warnings of possible military action triggered supply concerns. Earlier, President Donald Trump had said the U.S. would impose a 25-percent tariff on any country doing business with Iran. Both Brent and WTI benchmarks have jumped more than 1 percent.
Markets are in the meanwhile keenly awaiting industry-level data on crude oil inventories for the week ended January 9 to be published by the American Petroleum Institute on Tuesday morning. Crude oil inventories had declined around 2.8 million barrels in the previous week. Official data from the U.S. Energy Information Administration would be known on Wednesday.
Brent Oil Futures for March settlement is currently trading at $64.71, having gained 1.3 percent from the previous close of $63.87. The day's trading ranged between $63.84 and 65.19. The 52-week trading ranged between $58.4 and $82.63.
With the day's surge, Brent has gained 6.5 percent over the past week and 5.8 percent over the past month. Year-to-date gains are at 6.3 percent. However, Brent oil is currently down more than 19 percent from the levels a year ago and down more than 24 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for February settlement rallied 1.7 percent from the previous close of $59.32 to trade at $60.34. Prices ranged between a high of $60.83 and a low of $59.47 in the day's trading. Trading has ranged between $54.98 and $80.59 over the past 52 weeks.
With weekly gains of 5.9 percent, gains over the past month have increased to 5.3 percent. Year-to-date gains are at 5 percent. Prices are currently more than 21 percent below the levels a year ago and close to 24.7 percent below the levels three years ago.
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