Oil market revives: prices rise after Trump abandons tariffs against Europe
Kyiv • UNN
Global oil prices rose on January 22 after Trump announced the cancellation of tariffs on European goods. Brent reached $65.33, WTI – $60.75 per barrel.
Global oil prices showed confident growth on Thursday, January 22. The main market driver was US President Donald Trump's statement about canceling plans to impose 25% tariffs on goods from European allies. This decision, made after reaching a "framework agreement" on Greenland, eased tensions in trade relations and improved forecasts for global economic growth. This is reported by Reuters, writes UNN.
Details
As of Thursday morning, the price of Brent crude oil rose by 0.14% and reached $65.33 per barrel. American West Texas Intermediate (WTI) oil rose by 0.21%, trading at $60.75 per barrel. In addition to the political factor, prices were supported by:
- Production halt in Kazakhstan: due to serious power supply problems, operations at the Tengiz and Korolev fields have been temporarily suspended, reducing global supply.
- Positive forecasts: analysts have updated their expectations for energy demand in 2026 upwards, which added to investor optimism.
Impact of de-escalation on energy
Peaceful rhetoric regarding the Arctic region allowed the market to move away from the volatility of the beginning of the week. The reduction of geopolitical risks contributed to price stabilization, which had previously risen sharply against the backdrop of trade war threats. Experts note that the current strengthening of the value of "black gold" is a logical reaction to the restoration of economic confidence in relations between the US and the EU.