Market Reacts to New Tariffs and Geopolitical Tensions

The crude oil market experienced a significant uptick, with prices climbing more than 1% on Monday. This surge came in the wake of President Donald Trump's announcement imposing new 30% tariffs on goods from the European Union and Mexico. European Commissioner for Trade and Economic Security, Maros Sefcovic, warned that these measures could effectively terminate the EU's trade relations with Washington.

Investors Eye Trump's Upcoming Russia Statement

Adding to the market's volatility, investors are closely awaiting President Trump's promised "major statement" regarding Russia. Speculation is rife against the backdrop of reports suggesting the US is preparing to arm Ukraine with weapons capable of striking deep into Russian territory, including Moscow.

Price Movements

At 6:41 am ET, West Texas Intermediate (WTI) for August deliveries saw a 1.55% increase, reaching $69.51 per barrel. Similarly, Brent for September settlements rose by 1.48% to $71.40 per barrel at 6:42 am ET.