Oil jumps above $60 as trump tariff threats stoke supply fears

WTI crude oil futures climbed above $60 per barrel in early Asia trade on Tuesday, hitting the highest level in over a month after US President Donald Trump announced fresh tariffs targeting countries trading with Iran. Trump warned of a 25% tariff on any nation doing business with Tehran and hinted at possible military action, raising fears of supply disruptions from one of the world?s major oil producers. Market focus also turned to a pending US Supreme Court ruling on the legality of Trump?s tariff policies, expected Wednesday, adding to uncertainty. In currency markets, the dollar firmed after recent weakness linked to concerns over Federal Reserve independence. In India, MCX January crude futures rose 1.4% to ₹5,413 per barrel, with gains amplified by a weaker rupee, which slipped to around 90.2 per dollar amid escalating global trade tensions.

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