A federal appeals court is allowing Trump’s tariffs to stay in place after issuing a stay of a U.S. court ruling on Wednesday that blocked several of Trump’s tariffs from going into effect. The U.S. Court of International Trade ruled yesterday that the president had exceeded his authority in imposing the tariffs on U.S. trading partners.

Oil prices fell over 1% on Thursday, retreating from earlier gains, as investors weighed the potential effects of a U.S. court ruling that blocked the most sweeping of President Donald Trump's tariffs.

The U.S. Court of International Trade said the president had overstepped his authority in imposing his “reciprocal” tariffs globally, as well as levies on Canada and Mexico.