Oil Prices React to US Tariffs

Crude oil prices experienced a significant increase, jumping by more than 1% on Tuesday. This surge comes as investors react to United States President Donald Trump's announcement of a new 25% tariff on all steel and aluminum imports. The decision has sparked a wave of responses from world leaders, with many warning of potential countermeasures.

International Responses

European Commission President Ursula von der Leyen criticized the US tariffs, labeling them as "bad for business." She emphasized that the European Union would respond proportionately. Similarly, Canada and Brazil have indicated that they are preparing their own responses to the tariffs, signaling a potential escalation in international trade tensions.

Market Impact

Following the announcement, West Texas Intermediate (WTI) for March deliveries saw a 1.19% increase, trading at $73.16 per barrel by 4:31 am ET. Brent crude for April's settlements also climbed, rising by 1.21% to $76.78 per barrel at 4:32 am ET. These movements highlight the immediate impact of the tariffs on global oil markets.