Oil Prices Climb Following Trump's Tariff Decision

In a significant move that has impacted global oil markets, President Donald Trump has announced a pause on tariffs for certain goods from Canada and Mexico, effective until April 2. This decision has led to a noticeable uptick in oil prices, with West Texas Intermediate for April deliveries increasing by 1.45% to $67.15 per barrel and Brent for May settlements rising by 1.24% to $70.27 a barrel.

Despite this temporary relief, Canadian energy exports are still under a 10% tariff, and President Trump has hinted at further measures in April. This development comes alongside the House's vote to repeal offshore drilling regulations imposed by the Biden administration, signaling a potential shift in US energy policy.

Adding to the geopolitical tensions, Treasury Secretary Scott Bessent has made a strong statement regarding Iran's oil sector, vowing that the US will take decisive action to "shut down" Iran's oil exports. This series of events underscores the volatile nature of global oil markets and the significant impact of US policy decisions on global energy dynamics.