Oil Prices React to New US Tariffs

Crude oil prices experienced a significant increase, climbing 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 Announcement

Investors are also processing President Trump's recent statement about collaborating with Japan to "combat China's economic aggression." This announcement coincides with the implementation of Chinese retaliatory tariffs against the US, adding another layer of complexity to the global trade landscape.

Market Reaction

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