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Oil prices rose in Asian trading Monday after U.S. President Donald Trump announced tariffs on imports from Canada, China, and Mexico, triggering concerns over supply chain disruptions.
At 20:05 ET (01:05 GMT), Brent Oil Futures climbed 0.6% to $76.13 a barrel, while WTI Crude Futures for March delivery gained 1.1%, reaching $72.75 a barrel. The 25% tariff on Canadian and Mexican goods, along with a 10% levy on Chinese imports, includes a 10% tax on Canadian energy products.
The U.S. relies heavily on Canada and Mexico, importing around 4 million barrels of Canadian crude and 500,000 barrels from Mexico daily. The new tariffs could raise costs for refiners in the Midwest and Gulf Coast, potentially pushing fuel prices higher and leading to production cuts.
Canada retaliated with C$155 billion in tariffs on U.S. goods, while investors brace for possible countermeasures from China and Mexico. The uncertainty rattled global markets, with U.S. stock futures declining. The U.S. dollar strengthened, making oil more expensive for global buyers, adding downward pressure on crude prices.
Analysts predict market volatility and possible production cuts due to the tariffs. ANZ analysts noted that Valero Energy Corporation (NYSE:VLO), a major U.S. refiner, sees potential production reductions. UBS analysts expect further fluctuations in crude and natural gas markets, though they highlighted that a 10% tariff is less severe than a possible 25% duty.
With escalating trade tensions and geopolitical risks, the oil market faces significant uncertainty, keeping investors on edge.
