Oil Prices Climb as Market Reacts to Tariff News

Crude oil prices experienced a notable increase on Monday, with Brent futures ascending more than 1%. This surge comes as the market continues to absorb the implications of United States President Donald Trump's latest decision to exempt various technological devices from the steep 145% tariff imposed on Chinese goods.

Beijing has responded to this move, labeling it as a "small step" towards rectifying what they describe as a "wrong practice." Despite this, the adjustment has evidently had a positive impact on oil prices, signaling a complex interplay between trade policies and commodity markets.

Price Movements at a Glance

By 8:31 am ET, Brent crude for June delivery had risen by 1.19%, reaching $65.69 per barrel. Similarly, West Texas Intermediate (WTI) for May settlement saw a 0.89% increase, trading at $62.35 per barrel by 8:32 am ET.