International oil prices rose on Wednesday.
The increase came after the rally in the New York stock market, which was buoyed by hopes that the tariff announcement would alleviate market uncertainty.
However, the gains were relatively modest.
Brent crude, the global oil benchmark, settled at $74.95 per barrel, rising $0.46 (0.62%) from the previous session.
Meanwhile, West Texas Intermediate (WTI), the U.S. oil benchmark, saw its May contract climb $0.51 (0.72%) to close at $71.71 per barrel.
Following the market close, U.S. President Donald Trump’s announcement of reciprocal tariffs sparked optimism in the New York stock market that the uncertainties surrounding the tariffs would be resolved, leading to gains in both the stock market and oil prices.
