Oil prices surged following President Trump’s announcement of tariffs on major trading partners, sparking concerns over supply disruptions.

Brent crude rose 1.3% to $76.64 per barrel, and WTI increased 2.3% to $74.20.

Starting Tuesday, the U.S. will impose a 25% tariff on imports from Canada and Mexico, including a 10% levy on energy products from Canada and China.

The U.S. imports around 4 million barrels of Canadian crude daily, which impacts Midwest refineries, Barron’s has reported.

However, analysts warn that escalating trade tensions could harm global growth and reduce demand, potentially weakening oil prices.

Written by B.C. Begley