Global Markets React to New US Tariffs

In a significant move that has sent ripples across global markets, United States President Donald Trump announced a new global 25% tariff on all aluminum and steel imports. This decision has not only been met with criticism from the European Commission, labeling it as 'counterproductive,' but has also led to a noticeable surge in crude oil prices by more than 1%.

Oil Prices Climb Amidst Trade Tensions

West Texas Intermediate (WTI) for March settlements saw a 1.21% increase, selling for $71.86 per barrel, while Brent for April's deliveries rose by 1.18%, reaching $75.53 per barrel at 5:31 am ET. This uptick in oil prices comes as investors digest the implications of Trump's announcement, including a collaborative effort with Japan to 'combat China's economic aggression,' alongside the immediate effects of China's retaliatory tariffs against the US.