London — Oil prices rose on Friday, even as the start of US President Donald Trump’s tariff hike on $200bn of Chinese goods kept tensions high in the trade dispute between the world’s two biggest economies. Brent crude oil was up 67c at $71.06 a barrel by 11.45am GMT, having touched a peak of $71.23. US West Texas Intermediate (WTI) crude futures were up 35c at $62.05, having earlier hit $62.49. Both contracts were on track for small weekly gains. The US escalated its tariff war with China on Friday by increasing levies to 25% for $200bn worth of Chinese goods, but negotiations were set to continue on Friday. US President Donald Trump issued orders for the tariff increase, saying China “broke the deal” by reneging on previous commitments. He also said he would start the “paperwork” on Friday for 25% duties on a further $325bn of Chinese imports. Prices were supported by tighter supply amid continuing production cuts by oil cartel Opec and US sanctions on Iran and Venezuela. Growing ...
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