Singapore,
Oil prices rose today in early Asian trading as investors assessed the latest threat from U.S. President Donald Trump to impose new tariffs on all steel and aluminum imports, which could impact economic growth and fuel demand.
Brent crude futures increased by 40 cents, or 0.5%, to $75.06, while U.S. West Texas Intermediate crude rose by 38 cents, or 0.5%, to $71.38 per barrel.
The rise in oil prices came after a three-week decline due to concerns over a potential global trade war.
The U.S. President stated that he would announce later today a 25% tariff on all steel and aluminum imports to the United States, marking another significant escalation in his trade policy.
