Impact of New Tariffs on Global Markets

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

US-Japan Collaboration Against China's Economic Aggression

Investors are also closely monitoring Trump's recent announcement regarding a collaborative effort with Japan to "combat China's economic aggression." This development coincides with the implementation of Chinese retaliatory tariffs against the US, further intensifying the global trade tension.

Current Oil Prices

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