Oil Prices Climb as Tariff Tensions Escalate

In a significant market movement, crude oil prices experienced a notable increase of over 1% this Tuesday. This surge comes in the wake of 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 concern among global leaders, with many threatening to implement countermeasures.

European Union's Response

European Commission President Ursula von der Leyen has criticized the US tariffs, labeling them as detrimental to business and worse for consumers. She emphasized that the European Union would respond in a manner that is proportionate to the impact of these tariffs.

Canada and Brazil's Stance

Similarly, Canada and Brazil have voiced their intentions to respond firmly to the US tariffs. Both countries are considering their own measures to counteract the potential economic impact.

Market Impact

West Texas Intermediate (WTI) for March deliveries saw a 1.19% increase, reaching $73.16 per barrel. Concurrently, Brent for April's settlements climbed by 1.21%, selling for $76.78 per barrel. These figures highlight the immediate effect of the tariff announcement on global oil markets.