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Oil Rises on Monday

TradingView · last updated

WTI crude oil rose over 1% to $69.9 per barrel on Monday after President Trump said he could impose secondary tariffs of 25% to 50% on buyers of Russian oil if he feels Moscow is obstructing his efforts to end the Ukraine war.

He also warned of additional tariffs and military strikes on Iran if Tehran fails to reach an agreement with the U.S. regarding its nuclear program.

Meanwhile, a US-brokered Black Sea ceasefire between Ukraine and Russia remains fragile, with Moscow demanding sanctions relief in exchange for compliance.

On the other hand, the OPEC+ group, led by Saudi Arabia and Russia, is set to begin gradual output hike in April, with reports suggesting the group will likely continue to raise output in May.

Additionally, President Donald Trump’s reciprocal tariffs, set to take effect on April 2, have heightened fears of a global trade war, which could slow economic growth and curb energy demand.

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