Oil prices held steady on Wednesday, with traders closely watching President Donald Trump's proposed tariffs and the potential impact of the national energy emergency he declared on his first day in office, reports Reuters.
Brent crude futures inched 4 cents higher, or 0.05 per cent, to $79.33 per barrel at 1246 GMT. US West Texas Intermediate crude futures edged 2 cents lower, or 0.03 per cent, to $75.81.
"As more details emerge regarding energy production and trade agreements, traders will assess the balance between economic growth, energy security, and policy risks," said Dilin Wu, research strategist at Pepperstone.
Trump said late on Tuesday that his administration was discussing imposing a 10 per cent tariff on goods imported from China on February 1, the same day that he previously said Mexico and Canada could face levies of around 25 per cent.
He also vowed duties on European imports, without providing further detail.
"The oil market's attention is slowly turning away from US sanctions against Russia towards President Trump's potential trade policy," said ING analysts, adding that the energy complex has come under pressure with the growing threat of tariffs.
The US president had said his administration would "probably" stop buying oil from Venezuela, among the top suppliers of oil to the country.
Trump laid out a sweeping plan to maximise domestic oil and gas production, including declaring a national energy emergency to speed permitting, rolling back environmental protections, and withdrawing the US from the Paris climate pact.
© 2025 - All Rights with The Financial Express
