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Oil prices edged higher in early Tuesday trading, supported by President Donald Trump’s proposed tariff exemptions and an uptick in China’s crude oil imports amid concerns over tightening Iranian supply.
Brent crude futures climbed 27 cents, or 0.42%, to $65.15 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 26 cents, also 0.42%, to $61.79 as of 0046 GMT.
Investor sentiment was lifted after Trump hinted at easing the 25% tariffs on imported autos and auto parts from Mexico, Canada, and other nations. This follows Friday’s announcement of exclusions on tariffs for smartphones, computers, and other electronic devices—most of which are imported from China—sparking modest gains in oil prices on Monday.
However, Trump’s unpredictable trade policy continues to stir market uncertainty. On Sunday, he noted plans to reveal new tariff rates on imported semiconductors within a week. A Federal Register filing on Monday confirmed that an investigation into semiconductor imports began on April 1.
Meanwhile, data released Monday showed that China’s March crude oil imports increased nearly 5% year-over-year, with Iranian oil deliveries jumping ahead of anticipated tighter U.S. sanctions. This demand boost provided additional support to global oil prices.
OPEC responded to the ongoing volatility by lowering its global oil demand forecast for the first time since December, citing concerns over the unstable trade environment.
Adding to the supply narrative, Kazakhstan reported a 3% drop in oil production during the first half of April compared to March averages, though output still remains above its OPEC+ quota.
The combination of shifting U.S. trade dynamics, rising Chinese demand, and mixed supply signals continues to shape short-term oil market trends.
