Oil prices rise over 1% amid trade tensions - Breaking The News
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Oil prices rise over 1% amid trade tensions

Markets
Christian Baha / JJ

1 min read

EPA/ZHOU CHAO

Crude oil prices jumped over 1% on Wednesday as trade tensions between the United States and the European Union escalated.

Namely, Washington's 25% tariffs on steel and aluminum imports from all over the world officially went into force, prompting the EU to hit back with retaliatory measures worth €26 billion. Additionally, United Kingdom's Prime Minister Keir Starmer expressed his disappointment with the US move, stressing that his country will keep "all options on the table" and adopt a "pragmatic approach" in trade relations with Washington.

West Texas Intermediate for settlements in April advanced by 1.30% at 8:30 am ET, selling for $67.17 per barrel. At the same time, Brent for deliveries in May rose by 1.19% to trade for $70.46 per barrel.

oil
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