Oil Prices React to US Tariff Announcement

Crude oil prices experienced a significant jump, increasing by more than 1% on Tuesday. This surge comes as the global market reacts to United States President Donald Trump's announcement of a new 25% tariff on all steel and aluminum imports. The decision has sparked widespread concern among world leaders, prompting warnings of potential countermeasures.

International Responses to US Tariffs

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 their intentions to formulate their own responses to the tariffs, highlighting the global apprehension surrounding the US's trade policies.

Market Reaction

As of early Tuesday, West Texas Intermediate (WTI) for March deliveries saw a 1.19% increase, trading at $73.16 per barrel. Brent crude for April's settlements also climbed by 1.21%, reaching $76.78 per barrel. These price movements underscore the immediate impact of the tariff announcement on global oil markets.