Oil rises amid US-Ukraine tensions

Oil drilling rigs

Oil prices rose in early session today, March 3, after Brent crude recorded its biggest monthly loss since September, amid ongoing tensions between the US and Ukraine, and after new tariffs were imposed by the Trump administration.

With uncertainty over a peace deal, European leaders are seeking to assemble what Britain has called a "coalition of the willing" to secure Ukraine if a ceasefire is reached.

Brent crude futures for May delivery rose 0.26% to $73 a barrel, at 9:08 am Makkah time. West Texas Intermediate (WTI) crude futures for April delivery rose by the same percentage to $69.94 a barrel.

Commerzbank analysts believe that the tariffs by the US on oil imports from Canada and Mexico – scheduled for to levy from March 3 – could provide at least an additional boost to the prices of American products, The Wall Street Journal reported.

Oil prices also received support in early March as renewed optimism about demand followed positive manufacturing data from China, the world's largest importer of crude.

Official data released on March 1 showed that China's manufacturing activity grew at its fastest pace in three months in February, supported by new orders.