Oil Prices Climb as Global Trade Tensions Escalate

Investors worldwide are closely monitoring the impact of United States President Donald Trump's latest policy move—a 25% tariff on all steel and aluminum imports. This bold step has sparked a wave of concern among global leaders, with many hinting at possible countermeasures.

Global Leaders React to Tariff Announcement

European Commission President Ursula von der Leyen has openly criticized the tariffs, labeling them as detrimental to business and warning of a proportionate response from the European Union. Similarly, Canada and Brazil have voiced their concerns, indicating plans to retaliate against the U.S. tariffs.

Market Response to Tariff News

In the wake of these developments, crude oil prices have seen a notable increase. West Texas Intermediate (WTI) for March deliveries rose by 1.19%, reaching $73.16 per barrel, while Brent for April's settlements climbed by 1.21% to $76.78 per barrel.