FX.co ★ Oil Rises on Monday

WTI crude oil experienced an increase of over 1%, reaching $69.9 per barrel on Monday. This movement followed President Trump's announcement that he might impose secondary tariffs ranging from 25% to 50% on purchasers of Russian oil, if he perceives that Moscow is hindering his initiatives to resolve the Ukraine conflict. Furthermore, President Trump cautioned about additional tariffs and potential military actions targeting Iran if Tehran does not come to an agreement with the United States concerning its nuclear program. Currently, a US-facilitated ceasefire in the Black Sea between Ukraine and Russia remains delicate, with Russia insisting on the removal of sanctions in return for their adherence. On another front, the OPEC+ coalition, spearheaded by Saudi Arabia and Russia, plans to commence a gradual increase in production starting in April, with reports indicating that this trend is likely to persist into May. In addition, the reciprocal tariffs introduced by President Donald Trump, which are slated to become effective on April 2, have intensified concerns about a potential global trade war. Such a scenario could potentially hamper economic growth and reduce energy demand.