Oil prices rise, Brent above $71

Oil drilling rigs

Oil prices rose today, March 20, after the Federal Reserve left interest rates unchanged and amid ongoing geopolitical tensions.

Brent crude was trading up 0.65% at $71.24 a barrel, at 9:21 am Makkah time.

West Texas Intermediate (WTI) crude futures for April delivery, which expire today, rose 0.61% to $67.57 a barrel, while the more active May contract rose 0.67% to $67.36.

After holding rates steady for the second consecutive meeting, Fed Chairman Jerome Powell said that Trump's initial policies, including the broad import tariffs, had pushed the US economy toward slower growth and higher inflation, at least temporarily.

According to the Wall Street Journal, Chevron's CEO asked the Trump administration for a 60-day extension to wind down its operations in Venezuela, beyond the April 1 deadline.

Meanwhile, the US continued its airstrikes on Houthi targets in Yemen in response to attacks on ships in the Red Sea. Trump also pledged to hold Iran responsible for any future Houthi attacks.