Oil prices edged higher on Monday despite market concerns over U.S. President Donald Trump's latest tariff move on steel and aluminum imports, which could slow global economic growth and impact energy demand.
Brent crude futures gained 0.5% to $75.06 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.5% to $71.38. However, both benchmarks logged a third consecutive weekly decline amid fears of a global trade war.
Trump is set to announce 25% tariffs on all steel and aluminum imports, further escalating trade tensions. Last week, he imposed tariffs on Canada, Mexico, and China, only to suspend those for neighboring countries a day later. Despite this, investors appear unfazed, with IG analyst Tony Sycamore noting that markets may be adjusting to ongoing tariff-related headlines.
Meanwhile, China's retaliatory tariffs on U.S. goods take effect Monday, with no sign of resolution in trade talks. Oil and gas traders are now seeking waivers from Beijing for U.S. crude and liquefied natural gas imports.
Adding to supply disruptions, U.S. sanctions on Russian oil exports, enforced on Jan. 10, have impacted deliveries to China and India. Further, Washington increased pressure on Iran last week, imposing new sanctions on individuals and tankers transporting Iranian crude to China.
Trump stated on Sunday that progress is being made with Russia to end the Ukraine war but provided no specifics.
With geopolitical tensions and trade uncertainty weighing on the market, oil prices remain volatile. Investors continue to monitor developments that could impact global crude supply and demand.


Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 



