(Bloomberg) -- Oil crept higher as traders braced for impending US tariff announcements and equity markets rose. Most Read from Bloomberg West Texas Intermediate edged up to almost $72 a barrel, while global benchmark Brent traded near $75. US President Donald Trump is set to announce tariffs later Wednesday and the sweeping duties are set to take immediate effect. Several proposals are said to be under consideration, including a tiered system with a set of flat rates for different countries, as well as a more customized “reciprocal” plan. Equity markets also gained, with two stocks rising for every one that fell on the S&P 500 Index. “We expect a wait-and-see stance in the oil market today until more clarity emerges on Trump’s tariff plans,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. “That said, there is a risk that the oil price may decline today, driven by concerns that tariffs will significantly hinder growth.” The tariffs add to a deluge of conflicting drivers since Trump came into office. Sanctions threaten to curb supplies from Russia and Iran, while a production boost by OPEC and its allies starting this month is exacerbating concerns that a glut is looming. The US is threatening to further tighten the screws on Russia. A group of 50 Republican and Democratic senators introduced a sanctions package that would hit the third-largest oil producer and countries that buy its fuel if President Vladimir Putin refuses to engage in good-faith ceasefire negotiations with Ukraine or if he breaches any eventual agreement. Elsewhere, government data released Wednesday showed US crude inventories rose by a hefty 6.17 million barrels last week to the highest since July. Levels at Cushing, Oklahoma — the delivery point for West Texas Intermediate futures — rose by 2.37 million barrels, the largest buildup since January 2023, while gasoline reserves fell. To get Bloomberg’s Energy Daily newsletter in your inbox, click here. Most Read from Bloomberg Businessweek ©2025 Bloomberg L.P.