Oil Prices Climb Amid New Tariffs

Crude oil prices experienced a notable increase, jumping by 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

Investors are also reacting to President Trump's statement about collaborating with Japan to "combat China's economic aggression." This announcement coincides with the enforcement of Chinese retaliatory tariffs against the US, adding another layer of complexity to international trade relations.

Market Reactions

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