Doha: Oil prices rose by around USD 1 a barrel on Thursday after a US court blocked most of President Donald Trump’s tariffs. Brent crude futures climbed USD 1.03, or 1.6 percent, to USD 65.93 a barrel. US West Texas Intermediate crude advanced by USD 1.06, or 1.7 percent, to USD 62.90 a barrel.

According to Qatar News Agency, a federal court on Wednesday ruled that President Donald Trump overstepped his authority to impose sweeping tariffs that have raised the cost of imports for everyone. This decision has prompted a quick response in the oil markets as traders anticipate changes in trade and economic policies. The court’s ruling is seen as a significant legal check on the executive powers exercised by the former president in relation to trade regulations.

The rise in oil prices reflects market sentiments reacting to the court’s decision, with analysts closely watching the potential economic implications of the ruling. This development comes amidst a broader context of ongoing debates regarding trade policies and their impact on global markets.