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Donald Trump's Tariffs: Strong Market Reaction to Court Decision
Oil prices are surging dramatically following the decision by a US federal court regarding tariffs enacted by President Donald Trump.
A barrel of West Texas Intermediate crude for VII delivery is currently priced at $62.85 on NYMEX in New York, reflecting an increase of 1.63 percent.
Brent on ICE for VII is priced at USD 65.86 per barrel, marking a rise of 1.48%.
WTI crude oil (price from the last 3 days) stooq.pl 
Brent Crude Oil (price from the last 3 days) stooq.plFinancial markets reacted positively to the court’s ruling, as reported by Reuters. The dollar strengthened against various currencies, including the euro, yen, and Swiss franc. Additionally, both Wall Street and Asian stock markets experienced gains.
Oil: Reaction to Trump’s Tariff Decision
Oil prices are rising significantly following a notable ruling by the U.S. Court of International Trade regarding President Donald Trump’s tariffs.
A federal court has ruled that the majority of Donald Trump’s international tariffs are unlawful and has blocked their enforcement.
This unanimous verdict supported Democratic states and small businesses that had litigated against Trump for improperly declaring a national emergency to validate most of the fees he instituted.
The administration has already indicated its intention to appeal the court’s ruling.
Read more: Court blocks Donald Trump’s tariffs >>>
Impact of OPEC+ meeting
“Markets have clearly interpreted the headlines regarding the US court’s ruling on the illegality of tariffs as a short-term positive risk-on signal,” stated Chris Weston, head of research at Pepperstone Group Ltd.
He further noted: – However, „traders” in fuel markets remain cognizant of the supply dynamics related to the upcoming OPEC+ meeting.
The OPEC+ video conference is scheduled for May 31, during which the alliance will establish oil production targets for July.
The group conducted preliminary discussions on oil supply levels last week and is contemplating an increase in oil output by 411,000 barrels per day in July as one of the options.
The cartel had previously consented to raise oil supplies for May and June by 411,000 barrels per day each.
