Oil prices reportedly continued to surge after US President Donald Trump's surprise decision to impose high tariffs on crude oil imports from Canada, Mexico, and China.
West Texas Intermediate (WTI) jumped 3.7% to $75.18 a barrel, while Brent crude reached nearly $76, raising concerns about rising energy costs.
The 25% tariffs on crude oil from Canada and Mexico and 10% on Chinese goods, effective Tuesday, have successfully triggered a storm of threats of retaliation and raised fears of market volatility.
Canada, a major oil supplier, will be subject to reduced tariffs on 4 million barrels per day, while Mexico, with 500,000 barrels per day, faces full tariffs.
Fuel prices also rose, with gasoline jumping 5% in New York.
Experts warn that while these tariffs may provide a short-term boost, they have the potential to dampen global growth and trade.
