Oil prices rose on Thursday after a U.S. court blocked President Donald Trump's tariffs from taking effect, while the market was watching out for potential new U.S. sanctions curbing Russian crude flows and an OPEC+ decision on hiking output in July.

U.S. stock futures shot higher late Wednesday after a federal trade court ruled that President Donald Trump exceeded his authority in imposing a sweeping raft of global tariffs.

The Court of International Trade ruled that an emergency law invoked by the White House does not give the president unilateral authority to impose tariffs on nearly every country. The Manhattan-based court said the US Constitution gives Congress exclusive powers to regulate commerce with other nations and this is not superseded by the president's remit to safeguard the economy.