Crude oil futures prices opened higher during Monday’s Asian session following Trump’s threats to impose tariffs on Russia’s oil exports. The US president also said there would be “bombing” and “secondary tariff” on Iran if the country failed to make a nuclear deal.
The West Texas Intermediate (WTI) and Brent futures both jumped 0.6% at the market open but later retreated as risk-off sentiment prevailed. Concerns over a global economic downturn intensified ahead of Trump’s auto and reciprocal tariffs, which are set to take effect on Wednesday.
