- Oil trades near one-month high as geopolitical risks intensify
- The WTI prompt-month contract rose $1.36 to $65.37/Bbl Tuesday morning (7:45 AM CT)
- OPEC+ meets this weekend to decide October output, with the market expecting the group will keep supplies steady
- “Sentiment in the oil market is shifting from very negative to more neutral,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management
- “The main support for oil prices is the geopolitical premium. No one believes anymore that a peace deal between Russia and Ukraine is imminent”
- US Treasury Secretary Scott Bessent told Fox News the administration is weighing additional sanctions on Russia
- “With President Trump, all options are on the table,” Bessent said
- Trump’s global tariffs found illegal by U.S. Appeals Court (Bloomberg)
- A federal appeals court ruled that most of President Trump’s global tariffs were illegal, saying he exceeded his authority
- The tariffs will remain in place pending further review, as the case is sent back to a lower court
- The decision adds uncertainty over the tariffs’ future, with the administration possibly appealing to the Supreme Court
- The ruling is set to take effect on October 14 unless overturned, which has raised hopes for stronger economic growth
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