Crude oil prices climbed by more than 1% on Monday after United States President Donald Trump announced a new global 25% tariff on all aluminum and steel imports, which the European Commission criticized, calling it "counterproductive." Investors also digested Trump's announcement that his country will collaborate with Japan to "combat China's economic aggression" as the Chinese retaliatory tariffs against the US came into effect today.
West Texas Intermediate (WTI) for March settlements gained 1.21% at 5:31 am ET, selling for $71.86 per barrel. Brent for April's deliveries increased by 1.18% and sold for $75.53 per barrel at 5:31 am ET.
