BEIRUT, Lebanon (Enmaeya News) — On January 29, 2025, oil prices held steady as investors evaluated the potential impact of upcoming U.S. tariffs on imports from Canada and Mexico. Brent crude futures settled at $76.51 per barrel, down by 7 cents, while U.S. West Texas Intermediate inched higher by 2 cents to $72.64 per barrel.

The market is bracing for President Donald Trump’s planned 25% tariff on Canadian and Mexican imports starting this Saturday, a measure that will go into effect unless these nations act to stem the flow of fentanyl into the United States.

Meanwhile, U.S. crude inventories increased by 3.46 million barrels last week, a development that aligned with analyst expectations. Additionally, projections indicate that crude exports from Russia’s western ports could fall by 8% in February as a result of new U.S. sanctions.

Brokerage firm Ritterbusch and Associates observed that the situation remains uncertain under the new administration, with the looming tariffs on Canada and Mexico adding to trader concerns.