WASHINGTON (dpa-AFX) - Oil prices climbed on Monday as U.S. President Donald Trump's announcement of tariffs on imports from Canada and Mexico threatened to disrupt North America's tightly integrated oil market.
It is feared that a trade war against Canada and Mexico could affect U.S. energy prices and have significant geopolitical ramifications.
The U.S. imports approximately 4 million barrels of Canadian oil and nearly 500,000 barrels of Mexican oil daily.
Benchmark Brent crude futures rose 0.7 percent to $76.22 a barrel in European trade, while WTI crude futures were up 1.8 percent at $73.81.
Trump acted Saturday to impose new tariffs on Canada, Mexico and China, citing concerns over fentanyl trafficking, undocumented migration and the U.S. trade deficit.
Within hours, Canadian Prime Minister Justin Trudeau unveiled a 25 percent counter-tariff on $107 billion of U.S. goods, while Mexican leader Claudia Sheinbaum pledged retaliatory levies.
China vowed necessary countermeasures to safeguard its own rights and interests. The EU has warned of firm response, if targeted.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
