Oil Prices React to U.S. Tariffs

Following the announcement of new tariffs by U.S. President Donald Trump, crude oil prices experienced a significant increase. The tariffs, set at 25% on steel and aluminum imports, have sparked a global response, with leaders from various countries expressing concerns and planning countermeasures.

International Response

European Commission President Ursula von der Leyen criticized the tariffs, stating they are detrimental to business and consumers. Similarly, Canada and Brazil have announced they will respond to the U.S. tariffs, indicating a potential escalation in international trade tensions.

Market Impact

As a result of these developments, West Texas Intermediate (WTI) for March deliveries saw a 1.19% increase, reaching $73.16 per barrel. Brent for April's settlements also rose by 1.21%, trading at $76.78 per barrel. These movements highlight the immediate impact of trade policies on global oil markets.