President Trump’s new round of sanctions on Russia’s oil shipments directly led to an increase in the spot price of Brent crude oil in January. In the previous month, the price hovered around $79 per barrel, a $5 increase from December. However, prices fell back to their usual rate as the month passed and consumers regained focus.
The scene has been quite the same in February. As a direct result of Trump’s new array of tariffs on China, Mexico, and Canada, the Brent spot price began in February at around $76 per barrel. However, a 30-day delay in implementing these tariffs might cause the price to stay afloat for a little longer as these tariffs could affect oil trade routes.
