Oil Prices Surge as Trump Imposes Tariffs on Canadian Crude

Oil prices climbed after U.S. President Donald Trump imposed tariffs on multiple imports, including Canadian crude, escalating trade tensions. West Texas Intermediate (WTI) surged 3.7% to $75.18 per barrel, while Brent Crude neared $77. The U.S. administration enforced a 25% tariff on goods from Canada and Mexico, alongside a 10% levy on Chinese products, triggering threats of retaliation. Canadian crude exports, nearly 4 million barrels per day, were hit with a reduced 10% tariff. Trump also hinted at broader tariffs, potentially affecting the European Union in the near future. The trade conflict heightened market uncertainty, pushing oil prices higher as investors anticipated potential supply disruptions.

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