FX.co ★ Brent Crude Oil Tops $73

On Monday, Brent crude oil experienced an increase of over 1%, reaching $69.9 per barrel. This rise followed comments from President Trump, who indicated the potential imposition of secondary tariffs ranging from 25% to 50% on purchasers of Russian oil should he believe that Moscow is hindering his initiatives to resolve the conflict in Ukraine. Furthermore, he issued a caution regarding further tariffs and possible military actions against Iran if Tehran does not come to terms with the U.S. concerning its nuclear agenda. Concurrently, a U.S.-mediated ceasefire in the Black Sea between Ukraine and Russia remains delicate, with Moscow seeking sanction relief in return for compliance. Meanwhile, the OPEC+ alliance, spearheaded by Saudi Arabia and Russia, is scheduled to begin a phased increase in output in April, with indications suggesting a continued raise in May. Additionally, the impending reciprocal tariffs planned by President Donald Trump, set for implementation on April 2, have intensified concerns of a global trade conflict, potentially hindering economic growth and reducing energy demand.