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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.
