SINGAPORE: Oil prices edged higher on Monday despite investor concerns over US President Donald Trump’s latest tariff threat on steel and aluminium imports, which could slow global economic growth and energy demand.
Brent crude futures rose 51 cents (0.7%) to $75.17 per barrel by 0444 GMT, while US West Texas Intermediate (WTI) crude climbed 45 cents (0.6%) to $71.45 per barrel. The gains come after oil markets recorded a third consecutive weekly decline last week amid fears of an escalating trade war.
Trump announced plans to impose 25% tariffs on all steel and aluminium imports, following earlier tariff measures targeting Canada, Mexico, and China—though those on neighboring countries were temporarily suspended.
Despite these trade concerns, investors appeared to be downplaying the immediate impact, said Tony Sycamore, an analyst at IG in Sydney.
