Oil Prices React to New US Tariffs

In a significant development, crude oil prices experienced a notable increase of over 1% this 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 voiced strong criticism against this move, labeling it as "counterproductive."

Global Economic Tensions Rise

Adding to the complexity of global economic relations, President Trump also declared a collaborative effort with Japan to counteract what he termed as "China's economic aggression." This announcement coincided with the enforcement of Chinese retaliatory tariffs against the US, further escalating tensions.

Market Response

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