US Court Blocks Trump Tariffs, Oil Prices Surge

Oil prices rose after a US court ruled President Trump's global tariffs unlawful and blocked their implementation, easing trade tensions and encouraging global market gains. The Trump administration plans to appeal the decision, which has improved investor sentiment and supported both oil and equity prices. Markets are also watching for possible new US sanctions on Russian crude and the upcoming OPEC+ meeting, where another supply hike is anticipated despite a recent decision to keep output steady. US crude inventories fell by over 4 million barrels last week, adding further support to oil prices. Additionally, the US government has barred Chevron from exporting Venezuelan oil, contributing to tighter industry supply. The dollar strengthened for a third consecutive session as investors awaited further economic policy signals.