WTI reaches six-week highs near $60.00 on supply fears, US tariffs

West Texas Intermediate (WTI) Oil price extends its gains for the fourth successive session, trading around $59.70 per barrel during the European hours on Tuesday. WTI price climbs to six-week highs amid supply concerns after US President Donald Trump announced new tariffs targeting Iran’s trading partners.

President Trump said on Monday that he would impose 25% tariffs on goods from any country doing business with Iran, stepping up pressure on Tehran amid widespread domestic protests. He added that the measure would take effect immediately, without providing further details.

Iran, one of the Organization of the Petroleum Exporting Countries’ (OPEC) largest producers, is grappling with its biggest anti-government protests in years. Trump said on Sunday that Iran’s leadership had reached out seeking “to negotiate” after his threats of military action, but warned that “we may have to act before a meeting.”

Geopolitical tensions intensified after Russian forces attacked Ukraine’s two largest cities early Tuesday, Ukrainian officials said. Supply concerns also grew as Kazakhstan’s output faces headwinds from adverse weather, maintenance work, and damage to Russian infrastructure linked to Ukrainian strikes.

Reuters cited a source familiar with the matter saying Exxon Mobil remains interested in visiting Venezuela and is ready to send an assessment team, a day after US President Donald Trump said he might bar the company from the country. Exxon CEO Darren Woods said at a White House meeting on Friday that Venezuela would need to enact legal reforms and protect investments before Exxon commits to operating there.