Oil prices climbed on Friday as markets reacted to potential tariffs by U.S. President Donald Trump on Mexico and Canada, the top crude suppliers to the U.S.
Brent crude futures for March, expiring Friday, rose 38 cents to $77.25 a barrel at 0110 GMT, while the more-active April contract increased 34 cents to $76.23. U.S. West Texas Intermediate (WTI) crude gained 49 cents to $73.22.
Despite Friday’s gains, Brent is set for a 1.6% weekly decline, while WTI has dropped 2%. However, for January, Brent is on track to gain 3.6%, marking its strongest month since June, while WTI is up 2%.
Trump has threatened a 25% tariff on Canadian and Mexican exports if they do not curb fentanyl shipments into the U.S., with a decision expected soon on whether crude oil imports will be affected.
Canada exported 3.9 million barrels per day (bpd) of crude to the U.S. in 2023, out of 6.5 million bpd of total U.S. imports, while Mexico supplied 733,000 bpd, according to the Energy Information Administration.
Oil prices remain volatile as geopolitical risks rise. "Crude prices fluctuated as investors weigh U.S. tariffs alongside new policy moves," said ANZ Bank analyst Daniel Hynes.
Additional factors keeping prices elevated include sanctions on Russia, restricted Venezuelan oil purchases, and pressure on Iran. "Geopolitical risks will drive oil prices higher, potentially compounded by the U.S. refilling its strategic petroleum reserve," Hynes added.
As uncertainty lingers over trade policies and global supply chains, crude markets remain on edge, with traders closely monitoring developments in Washington.


South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 



