Oil Prices Jump Amid Trump's Tariff Threats and OPEC+ Output Concerns

Oil futures experienced a significant jump on Thursday, driven by concerns over United States President Donald Trump's announced and potential tariffs on imports from various countries. In a move that further rattled markets, Trump also expressed intentions to revoke the US oil transaction agreement with Venezuela.

Market Reactions and OPEC+'s Cautious Stance

Adding to the market's volatility, reports indicate that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are hesitant to increase output in April, wary of potential tariffs or sanctions from the Trump administration. This cautious approach by OPEC+ has contributed to the upward pressure on oil prices.

Price Movements

West Texas Intermediate (WTI) for April's settlements saw a notable increase of 2.43% at 12:06 pm ET, reaching $70.39 per barrel. Similarly, Brent crude for the same month's deliveries rose by 1.79%, trading at $74.10 per barrel.