Brent crude closes above $70

Oil drilling rigs

Oil prices rose at the close of Tuesday’s trading, despite trade uncertainties as US President Donald Trump continued to push forward with his protectionist agenda, which threatens to slow global economic growth.

Brent crude futures for September delivery increased by 0.82%, or 57 cents, to $70.15 a barrel at the end of the session.

WTI crude futures for August delivery also rose by 0.59%, or 40 cents, to $68.33 a barrel.

On Monday, the US administration began sending letters to a group of countries — including Japan and South Korea — notifying them of the tariffs that will be imposed on imports from those countries starting in early August.

The US trade escalation has added further uncertainty to the global economic outlook, and thus to the future of energy and oil demand.

However, security threats to navigation in the Red Sea — and the resulting disruption to global distillate supply — have provided some support to oil prices, a market analyst at Rystad Energy told Reuters.

Meanwhile, the US Energy Information Administration lowered its forecast for U.S. crude oil production in 2025, but raised its average expected price for Brent crude to $68.89 a barrel, up from a previous estimate of $65.97, before falling to $58.48 a barrel in 2026.