Hot Commodities: Oil surges 2% on tariff relief and supply concerns

Crude oil futures climbed above $63 per barrel, extending gains for a second straight session as easing tariff risks and supply concerns boosted sentiment. MCX crude futures surged nearly 2% to ₹5391. A US court ruled that President Trump?s global tariffs were unlawful, reducing trade uncertainty and improving the outlook for global oil demand. Investors now await inventory reports from the API and EIA. Meanwhile, OPEC+ kept its oil output policy unchanged but agreed to create a framework for setting new production baselines for 2027 and may decide on Saturday to accelerate production hikes for July. Adding to supply pressure, Chevron halted oil production and exports in Venezuela after its US license was revoked, disrupting over a third of the country?s crude shipments.

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