Oil prices held steady as traders assessed a sharp rise in U.S. crude inventories and new tariffs imposed by former President Donald Trump.
Brent crude hovered near $70, while West Texas Intermediate stayed around $68. U.S. stockpiles surged by 7.1 million barrels last week – the biggest jump since January – with Cushing storage also seeing its first increase since May.
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Trump’s latest tariffs, including new levies on Brazil, have added to trade tensions, sparking fears of retaliation and market instability. Meanwhile, OPEC+’s decision to boost output more than expected in August has done little to dampen prices, as summer demand helps absorb the extra supply.
Tensions in the Middle East also remain in focus after Houthi attacks in the Red Sea sank two ships, raising concerns over potential supply disruptions.
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