Oil prices rise; Brent nears $75

Oil drilling rigs

Oil prices rose today, Feb. 17, as trade risks linked to the new US administration's policies persisted and as Russia and Ukraine look set to reach a US-brokered peace deal.

Brent crude was trading up 0.25% at $74.93 a barrel, at 09:26 am Makkah time. West Texas Intermediate (WTI) crude rose 0.10% to $70.81 a barrel.

US President Donald Trump said in press statements yesterday that he believes he may meet his Russian counterpart Vladimir Putin very soon to discuss ending the war in Ukraine, Reuters reported.

These statements came as Washington and Moscow prepare to hold preliminary talks on the war in Ukraine in Saudi Arabia in the coming days.

A peace deal between the two neighboring countries would help increase Russian oil supplies to global markets as Western countries lift sanctions imposed on Moscow over the war.

On another note, the US President's protectionist trade agenda continues to drive up risk premiums in commodity markets including oil.

Trump last week ordered his presidential team to study applying similar tariffs to any country whose imports from America are targeted with customs duties, and to submit their recommendations to him by April 1.