U.S. oil prices showed some stability after falling earlier in the week amid concerns about new tariffs from President Trump. Brent futures dipped slightly to $74.47 a barrel, while WTI rose to $71.21, though both were down 0.4% on Tuesday. The administration has been pushing for higher oil prices through claims of China’s trade tensions and threats of additional sanctions.

A view of an oil pump jack on the prairies near Claresholm, Alberta, Canada January 18, 2025.

The White House confirmed President Trump will unveil new tariffs on Wednesday, though details remain unclear. This comes after weeks of boasts about a “Liberation Day” on April 2, which could lead to new trade barriers. The tariffs could shake up global markets, especially with ongoing tensions over Russian oil and sanctions against Iran.

U.S. oil inventories also showed mixed signals, with crude stock levels rising by 6 million barrels, while gasoline and distillate stocks slightly declined. This suggests supply concerns offset some of the price pressures. Meanwhile, OPEC+ members are expected to meet online later in the week to discuss production hikes, adding another layer of uncertainty to the oil market.

Investors are watching closely for Thursday’s OPEC+ decision, which could further boost demand or send prices higher. The week promises to be volatile as geopolitical risks and supply chain issues continue to shape the oil market.