Oil Prices Climb Amid Mixed Signals from Trump Administration

Oil prices experienced a significant increase of over 1% on Thursday, as the market reacts to conflicting signals from the Trump administration regarding tariffs. The uncertainty stems from statements made by Kevin Hassett, the United States Director of the National Economic Council, and subsequent social media posts by President Donald Trump himself.

Trump's Tariff Decisions Impact Global Markets

President Trump announced that tariffs on imports from Canada, Mexico, and China would be implemented on March 4, contradicting earlier indications that a decision would follow a study due on April 1. Additionally, Trump's decision to revoke Chevron Corp.'s oil extraction deal with Venezuela has further stirred the oil market.

Market Response to Policy Changes

As a direct response to these developments, West Texas Intermediate (WTI) for April deliveries saw a 1.51% increase, trading at $69.85 per barrel. Similarly, Brent for April settlements rose by 1.31%, reaching $73.68 per barrel.