Oil prices moved higher on Tuesday amid concerns about a possible drop in crude supplies due to U.S. sanctions on Russian oil, and lower output from Iran. A weak dollar contributed as well to the rise in oil prices.
However, oil's upside was limited on concerns U.S. President Donald Trump's decision to clamp 25% tariffs on steel and aluminum imports into the U.S. could prompt trade partners to retaliate with tariffs on U.S. goods, and result in slowing growth and weak demand for oil.
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Market Analysis
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.