Oil Prices Steady Despite Lingering War and Tariff Concerns

Oil prices have steadied, with Brent crude falling $3.02 to $97.67 a barrel, despite ongoing concerns over the war in the Middle East and looming tariff hikes. The conflict in the region has threatened to slow the global flow of oil and gas, with attacks on two Saudi oil tankers in the Red Sea adding to the uncertainty. US markets have ticked modestly higher in premarket trading, with the S&P 500 futures rising 0.2%, while futures for the Dow Jones Industrial Average climbed 0.4%. The US is imposing tariffs on 60 trading partners for their failure to adopt and effectively enforce a prohibition on the importation of goods produced with forced labor. Gasoline prices have followed oil prices higher, with the average cost for a gallon of regular gas surpassing $4.10 overnight, according to AAA. The situation has also led to a 40-year high for the US dollar against the Japanese yen, with a dollar buying 163.79 yen. The uncertainty has had a significant impact on global markets, with the FTSE 100, CAC 40, and DAX all experiencing gains, while the Nikkei 225 and Kospi have declined.