Oil prices rebounded on Monday after last week’s declines, as investors appeared to downplay concerns over U.S. trade policies. The global energy market remains volatile due to increasing tariff threats on steel and aluminum imports, coupled with escalating geopolitical risks involving Russia, Iran, and China.
Despite the uncertainties, the oil futures market showed signs of resilience, with Brent crude and West Texas Intermediate (WTI) crude both gaining over 1%. Experts suggest that the oil price trajectory will be influenced by macroeconomic factors, supply chain constraints, and shifting demand dynamics across major economies.
Oil Prices Rebound Amid Tariff Volatility
Brent crude futures climbed $0.74 (1%) to $75.40 per barrel by 0938 GMT, while U.S. West Texas Intermediate (WTI) crude rose $0.72 (1%) to $71.72 per barrel. These gains followed three consecutive weeks of losses, largely driven by concerns about a potential global trade war and its impact on economic growth and energy demand.
According to Harry Tchilinguiran, head of research at Onyx Capital, “Tariff uncertainty remains the key driver of risk sentiment, influencing multiple asset classes, including commodities like oil.”