The North Sea crude oil, a benchmark in Europe, concluded the session on the Intercontinental Exchange by trading at .11 higher than the .63 closing price from Friday.
Brent crude began the week on an upward trend, nearing per barrel, amid concerns over supply and the impact of the trade war on the oil market.
The price of European crude increased after Donald Trump expressed his frustration with the Russian Federation’s President, Vladimir Putin. Trump threatened additional trade barriers if Putin does not facilitate an agreement to end the war in Ukraine, which escalated following the Russian invasion.
“If Russia and I do not reach an agreement to stop the bloodshed in Ukraine, and if I believe it is Russia’s fault, which it might not be, I will impose more tariffs on oil, on all oil coming from Russia,” Trump stated during a late-night phone call with NBC on Sunday.
Trump added that these new tariffs, set to take effect next month, would mean that “anyone buying oil from Russia cannot do business with the US,” potentially reaching as high as 50%.
In the same interview, Trump threatened military action against Iran and further tariffs if no agreement is reached with the US regarding the nuclear dossier.
Trump’s statements have increased investors’ concerns about the potential impact of imposing additional tariffs on the Russian Federation, considering the existing sanctions on Russia’s and Iran’s oil industries.
Moreover, investors are also worried about the implementation of tariffs promised by Trump to begin on April 2, including a 25% increase on potential buyers of oil and gas from Venezuela or automobile imports, as well as their effect on the international economy.
