Global Oil Prices React to New US Tariffs

In a significant development, crude oil prices experienced a surge of more than 1% this Monday. This uptick comes 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 not taken kindly to this move, labeling it as "counterproductive."

US-Japan Collaboration Against China

Adding to the day's developments, President Trump also revealed plans for the US to collaborate with Japan in efforts to "combat China's economic aggression." This announcement coincides with the implementation of Chinese retaliatory tariffs against the US, marking a significant escalation in trade tensions between the two economic powerhouses.

Market Response

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