Oil gains over 1%, Brent exceeds $75

Oil drilling rigs

Oil prices extended gains today, Feb. 10, as markets weighed the risks of an escalating trade war and Washington’s threats to impose more tariffs on US imports. Brent crude futures for April delivery rose 1.6%, or $1.21, to close at $75.87 a barrel. WTI crude futures for March delivery rose 1.85%, or $1.32, to $72.32 a barrel.

US President Donald Trump has threatened to impose 25% tariffs on steel and aluminum imports from around the world, but the risk premium in commodity markets rose, leading to higher oil prices.

Citigroup said in a note that US sanctions on Iran and Washington's failure to reach an agreement with Tehran on the nuclear file are factors supporting the rise in oil prices despite Trump's policies aimed at reducing them.