• Mar 31, 2025

Oil eases off five-week highs as traders weigh impact of imminent Trump tariffs

Oil prices edged lower on Tuesday as traders braced for reciprocal tariffs that U.S. President Donald Trump is due to announce on Wednesday, which could intensify a global trade war. However, Trump's threats to impose secondary tariffs on Russian oil and to attack Iran fueled supply worries, limiting losses. The White House provided no details about the size and scope of tariffs that it confirmed Trump will impose on Wednesday.