Rising oil prices supported by a US court decision and expectations of adjustments to "OPEC+" production.

Oil prices witnessed a significant increase during today's trading on Thursday, May 29, supported by a U.S. court decision to halt the implementation of tariffs imposed by President Donald Trump, in addition to expectations of changes in the production policy of the "OPEC+" alliance.

Brent crude futures rose by 1.4% to reach $65.89 per barrel, while U.S. crude increased by 1.6% to $62.80 per barrel, amid market optimism following the judicial ruling that found Trump had "exceeded his authority" by imposing comprehensive tariffs on imports from countries with a trade surplus with the U.S.

On the other hand, "OPEC+" countries agreed during their meeting on Wednesday on a new mechanism to determine the alliance's production levels until 2027, with expectations of discussing a production increase in July during their upcoming meeting on Saturday.

Market participants are awaiting further developments, including the possibility of new U.S. sanctions on Russian oil exports, which could impact global supply. Additionally, the potential decision by "OPEC+" to increase production may curb the current price surge.

The U.S. court ruling temporarily eased concerns about economic growth slowdown due to trade wars, but analysts point out that this impact may be short-term, especially after the U.S. administration announced its intention to appeal the ruling.