Crude oil prices rose on Monday, despite investor concerns over U.S. President Donald Trump's new tariff threat on steel and aluminum, which could slow global economic growth and reduce energy demand.

Oil Market Snapshot

📈 Brent crude: +0.7% at $75.17 per barrel
📈 WTI crude: +0.6% at $71.45 per barrel

🔻 However, oil prices posted a third consecutive weekly decline last week due to trade war fears.

Key Factors Driving Oil Prices

🚨 Trump's Trade War Escalation
🔹 25% tariffs on steel and aluminum imports to be announced Monday.
🔹 China's retaliatory tariffs on U.S. exports take effect today.
🔹 Investors are cautious but less reactive to tariff headlines after previous policy reversals.

💡 "Markets realize tariff threats may continue for months, but could also be reversed or increased," says Tony Sycamore, analyst at IG.

🚢 Energy Market Implications
🔹 Oil and gas traders are seeking waivers from Beijing for U.S. crude and LNG imports.
🔹 Russian oil sanctions remain in focus as geopolitical tensions persist.
🔹 U.S.-Russia talks on Ukraine war may impact oil supply dynamics.

What's Next for Oil Prices?

📊 Market watchers will monitor:
✅ China-U.S. trade negotiations and possible energy waivers.
✅ U.S. inflation data for clues on Fed's rate policy and oil demand outlook.
✅ Global supply risks, including Russia sanctions and OPEC production levels.

For deeper insights into commodity price movements, check:
📌 Commodities API
📌 Economics Calendar API