kaidi2022
37 min ago
Oil Rises as U.S. Tariffs Spark Supply Concerns
Oil prices jumped in early trade after U.S. President Trump imposed hefty tariffs on major trading partners, raising fears of supply disruptions.
Brent crude was up 1.3% to $76.64 a barrel, while WTI rose 2.3% to $74.20 a barrel. Effective Tuesday, the U.S. will impose a 25% levy on imports from Canada and Mexico, a 10% tariff on energy products from Canada, and an additional 10% tariff on China.
"Given the importance of Canadian oil to the U.S., it is not surprising to see that WTI is trading stronger this morning," ING strategists Warren Patterson and Ewa Manthey said.
