Oil Futures Jump on Trump's Tariff Plans

Oil futures experienced a significant increase on Thursday, driven by concerns over President Donald Trump's proposed tariffs on various imports and his intentions to revoke the oil transaction agreement with Venezuela. These developments have stirred the market, leading to a notable rise in oil prices.

OPEC+ Hesitant to Increase Output

Amidst the uncertainty, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) are reportedly hesitant to increase their output in April. This hesitation stems from the potential imposition of tariffs or sanctions by the Trump administration, which could significantly impact the global oil market.

Market Reaction

West Texas Intermediate (WTI) for April's settlements saw a 2.43% increase, selling for $70.39 per barrel, while Brent for the same month's deliveries increased by 1.79%, reaching $74.10 per barrel. This surge reflects the market's reaction to the ongoing geopolitical tensions and their potential impact on oil supply and prices.