On Monday morning, oil prices were recovering and traded up by about 1.5% following the weekend U.S. announcement that some electronics, including smartphones, would be exempted from the tariffs on China. Brent Crude prices traded at about $65 per barrel, while the U.S. benchmark, WTI Crude, was at just above $62 a barrel.
Crude oil prices slumped by 3% earlier this year as traders digested the barrage of tariffs that President Trump unleashed on U.S. trade partners. Between 10% and 34% for the biggest trade partners of the United States, the tariffs are expected to affect demand for pretty much everything, including energy commodities.
Oil prices held steady on Monday as concern over the impact of U.S. tariff uncertainty and rising output from OPEC+ producers pressured prices while potential sanctions on Iranian oil exports provided some support.