Oil Prices Rebound Amid Rising Trade Tensions

Crude oil prices experienced a significant rebound, increasing by more than 2% on Friday. This surge comes after a period of losses, as global trade tensions continue to escalate. The United States President Donald Trump has announced a 35% tariff on Canadian goods, with similar measures expected to be imposed on the European Union shortly.

Market Reactions and Statements

Investors are closely monitoring the situation, including the latest statements from Russian Deputy Prime Minister for Fuel Energy Complex Alexander Novak. Novak hinted at the possibility of Russia temporarily halting its gasoline exports, adding another layer of complexity to the global oil market dynamics.

West Texas Intermediate (WTI) for August settlements saw a 2.57% increase, trading at $68.27 per barrel. Similarly, Brent for September deliveries climbed by 2.26%, reaching $70.18 per barrel.