Escalating Trade Tensions Between US and EU

Crude oil prices experienced a significant increase of over 1% this Wednesday, driven by escalating trade tensions between the United States and the European Union. This development comes as the US imposed a 25% tariff on steel and aluminum imports globally, a move that has not only strained international trade relations but also prompted the EU to retaliate with countermeasures worth €26 billion.

International Reactions and Market Impact

In response to the US tariffs, UK Prime Minister Keir Starmer expressed his disappointment, emphasizing a pragmatic approach towards future trade relations with Washington. Meanwhile, the oil market reacted promptly, with West Texas Intermediate for April settlements climbing 1.30% to $67.17 per barrel, and Brent for May deliveries increasing by 1.19% to $70.46 per barrel at 8:30 am ET.