Brent crude rises after Trump imposes new import duties

Oil prices rose on February 3 after US President Donald Trump imposed tariffs on imports from Mexico, Canada and China, reported from Interfax.

The price of April Brent crude futures on London's ICE Futures exchange reached $76.41 per barrel.

This is $0.74 (0.98%) higher than the previous trading session's close.

On January 31, these contracts decreased by $0.22 (0.3%) to $75.67 per barrel. WTI crude futures for March on the New York Mercantile Exchange (NYMEX) electronic trading increased by $1.41 (1.94%) to $73.94 per barrel.

At the end of the previous session, these contracts decreased by $0.2 (0.3%) to $72.53 per barrel. The decree on new tariffs, which takes effect on February 4, was signed by Trump on Saturday.

It introduces a 25% tariff on goods imported from Mexico and Canada, and 10% from China. Meanwhile, tariffs on energy carriers from Canada will be 10% and will affect all Canadian energy, including oil, gas, and electricity. The majority of US oil imports come from Canada.

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