The introduction of tariffs by President Donald Trump on oil imports from Canada, Mexico, and China has led to a rise in oil prices, according to Reuters.
The new tariffs, which have come into effect, have caused alarming forecasts in the market, related to potential disruptions in hydrocarbon supplies, raising concerns among investors and analysts. Specifically, Brent crude oil futures have risen by more than 1%, surpassing the psychological mark of $76 per barrel. This increase is a response to the new tariffs and the potential geopolitical consequences associated with these measures.
Trump approved a 10% tariff on Canadian oil, which will particularly complicate trade between the two largest economies in North America. The tariffs on oil from Mexico and China are 25%, further raising concerns among major global oil suppliers, who point to significant potential disruptions in global supply chains.
In response to this move, experts predict a rise in oil prices over the coming weeks, considering the increased uncertainty in the market and the potential reduction in supply, especially in the context of escalating tensions in international trade and the economy.
