Oil Prices Rise on Middle East Unrest and U.S. Tariff Push

Oil prices moved higher on Wednesday as geopolitical tensions and new trade policy signals drove cautious buying in energy markets.

Brent crude advanced close to $67 a barrel, while U.S. West Texas Intermediate traded near $63, both marking gains of almost 1% on the day. The move followed an Israeli strike in Doha targeting Hamas leadership, which briefly sparked fears of wider instability before the U.S. signaled efforts to limit escalation.

Adding to the headlines, U.S. President Donald Trump urged the European Union to adopt sweeping tariffs on Russian oil sales, part of a broader push to squeeze Moscow’s energy revenues. While the call added to concerns about potential supply disruptions, analysts noted that oversupply and rising global inventories continue to cap any sharp rallies.

Market watchers also pointed to upcoming OPEC+ output plans as a balancing factor, with producers set to maintain steady supply in the coming months. As a result, oil prices remain sensitive to political shocks but appear contained by fundamental supply conditions.