Brent crude oil futures advanced 0.8% to settle at $70.1 per barrel on Tuesday, hitting two-week highs, as investors assessed the impact of new US tariffs and a larger-than-expected OPEC+ production increase for August. President Trump’s announcement of tariffs on 14 countries raised concerns over global economic growth and oil demand, though tightness in middle distillates and ongoing Houthi attacks on cargo ships lent support to prices. OPEC+ on Saturday agreed to boost output by 548,000 bpd in August - the fourth straight monthly hike and larger than analysts had anticipated. This move will restore nearly 80% of the 2.2 million bpd in voluntary cuts made by eight OPEC members. Meanwhile, oil inventory data from the API and EIA is expected to show a 2.6 million barrel draw for the week ending July 4, which would mark the sixth stockpile decline in seven weeks.