Oil Prices Climb Amid New Tariffs

Crude oil prices experienced a significant increase of over 1% this Monday. This surge came in the wake of 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."

US-Japan Collaboration Against China

Investors are also digesting President Trump's recent announcement regarding a collaboration with Japan to "combat China's economic aggression." This announcement coincides with the implementation of Chinese retaliatory tariffs against the US, which took effect today.

Market Reaction

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.