Oil prices rise as markets assess Trump’s tariff threats

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024 [Tayfun Coşkun/Anadolu Agency]

Oil prices rose yesterday as investors evaluated US President Donald Trump’s threats to impose tariffs, which could weaken global economic growth and reduce energy demand, Ma’an News Agency reported.

By 09:20 Moscow time, US West Texas Intermediate (WTI) crude futures climbed 0.58 per cent to $71.41 per barrel, while global benchmark Brent crude futures advanced 0.56 per cent to $75.08 per barrel, according to Bloomberg data.

Earlier, Trump stated that he would announce a 25 per cent tariff on all steel and aluminium imports into the United States, marking a significant escalation in trade policy.

Last week, the US president announced he would impose tariffs on Canada, Mexico and China. However, he suspended the tariffs on neighbouring countries the following day.

Commodity markets saw mixed movements last week amid US President Donald Trump’s tariff decisions and released macroeconomic data [Muhammet Zeyd Karaaslan/Anadolu Agency]

OPINION: The ripple effect of tariffs on global trade and energy markets

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