Oil Prices Climb Amid New US Tariffs

Crude oil prices experienced a significant increase, jumping more than 1% on Monday. This surge came in the wake of United States President Donald Trump's announcement of a new global 25% tariff on all aluminum and steel imports. The European Commission has criticized this move, labeling it as "counterproductive."

Investors are also digesting Trump's recent statement about collaborating with Japan to "combat China's economic aggression." This announcement coincides with the implementation of China's retaliatory tariffs against the US, adding another layer of complexity to global trade relations.

Market Reactions

West Texas Intermediate (WTI) for March settlements saw a 1.21% increase, selling for $71.86 per barrel at 5:31 am ET. Similarly, Brent for April's deliveries rose by 1.18%, reaching $75.53 per barrel at the same time.