Oil Prices Jump as Tariff Tensions Escalate

Crude oil prices experienced a significant surge, climbing over 1% on Tuesday. This increase 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 widespread concern and prompted responses from global leaders, raising fears of a potential trade war.

International Leaders Respond to US Tariffs

European Commission President Ursula von der Leyen criticized the US tariffs, labeling them as detrimental to business and indicating that the European Union would respond in kind. Similarly, Canada and Brazil have announced their intentions to implement countermeasures against the tariffs, further escalating international trade tensions.

Market Reaction to Tariff Announcements

Following the tariff announcement, West Texas Intermediate (WTI) for March deliveries saw a 1.19% increase, reaching $73.16 per barrel. Brent crude for April's settlements also rose by 1.21%, selling at $76.78 per barrel. These price movements reflect the market's reaction to the unfolding trade disputes and the potential impact on global oil supply and demand.