Oil Futures Decline Following Trump's Tariff Policy Pause

In a significant move, United States President Donald Trump has decided to pause his tariff policy against Canada and Mexico. This decision comes at a time when the global oil market is closely watching the developments between major economies. The tensions between the United States and China, following the imposition of tariffs on each other's exports, have somewhat diverted attention from the ongoing crisis in the Middle East.

Impact on Oil Prices

West Texas Intermediate (WTI) for March's settlements saw a decline of 1.85% at 3:04 am ET, selling for $71.80 per barrel. Similarly, Brent for April's deliveries decreased by 1.12%, trading at $75.07 per barrel. These changes reflect the market's reaction to the recent geopolitical developments and their potential impact on global oil supply and demand.