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• WTI price trades in positive territory near $71.70 in Wednesday’s early Asian session. 
• Supply disruptions mounted in Russia boost the WTI price. 
• Concerns over a potential global trade war might cap the upside for WTI. 

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $71.70 during the early Asian session on Wednesday. The WTI price extends the rally amid the fears of supply disruptions in Russia. 

WTI price edges higher after Ukrainian drones attacked a major Russian pipeline's pumping station, disrupting Kazakhstan's crude exports. On Tuesday, Russian Deputy Prime Minister Alexander Novak said that oil flows via the pipeline had been curtailed by 30-40%. According to Reuters estimates, a 30% decrease would reduce oil supplies by 380,000 barrels per day.

On the other hand, traders will closely monitor the developments surrounding further tariff policies from US President Donald Trump. Concerns over a potential global trade war could limit further gains for black gold. 

Last week, US President Donald Trump ordered his administration to consider imposing reciprocal tariffs on numerous trading partners. Late Tuesday, Trump said late Tuesday that he would likely impose tariffs of around 25% on foreign cars, while semiconductor chips and drugs are set to face higher duties. 

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