Oil Prices Climb Amid New Tariffs

Crude oil prices experienced a significant increase, climbing by 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 Digest Trump's Announcements

Investors are also processing President Trump's recent statement regarding a collaborative effort with Japan to "combat China's economic aggression." This announcement coincides with the enactment of Chinese retaliatory tariffs against the US, further complicating international trade relations.

Market Impact

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