Mixed Signals from the Trump Administration on Tariffs

Oil prices experienced a significant increase of over 1% on Thursday. This surge comes amidst mixed signals from the Trump administration regarding tariffs. Kevin Hassett, the United States Director of the National Economic Council, mentioned that President Donald Trump would make a decision on tariffs after a study is published on April 1. However, Trump later confirmed on social media that tariffs on imports from Canada, Mexico, and China would take effect on March 4.

Trump Revokes Chevron's Deal with Venezuela

In a related development, President Trump decided to revoke Chevron Corp.'s agreement with the Venezuelan government concerning oil extraction. This decision adds another layer of uncertainty to the oil market, affecting global oil prices and trade relations.

Oil Prices at a Glance

As of 9:10 am ET, 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.