Oil prices rose Monday, bouncing after three consecutive weekly declines despite US President Donald Trump's new tariff announcement on all steel and aluminum imports.

At 08:10 ET (13:10 GMT), Brent Oil Futures rose 1.4% to $75.69 a barrel, while Crude Oil WTI Futures expiring in March gained 1.5% to $72.05 a barrel.

Both contracts lost nearly 2% last week after a sharp jump in US crude stockpiles, fears about a global trade war, and Donald Trump's pledge to boost production.

Trump signals levies on steel and aluminum imports

The imposition of a 10% tariff on Chinese imports by the US has led to retaliatory measures from China, including tariffs on U.S. oil, liquefied natural gas (LNG), and coal.

In addition to tariffs on Chinese goods, the US has imposed a 25% tariff on all steel and aluminum imports, Trump said on Sunday.

These metals are essential for constructing pipelines, storage tanks, and other infrastructure critical to the oil industry. The increased costs for these materials could lead to higher expenses for energy companies, potentially slowing down infrastructure projects and affecting the overall supply chain.

The ongoing trade disputes and the imposition of tariffs are contributing to a complex environment for the global oil market, with potential repercussions for both supply and demand dynamics.

The resulting uncertainty and potential tightening of global supply are contributing to the current rise in oil prices.

The imposition of tariffs has heightened inflationary fears, as higher import costs can lead to increased prices for goods and services. Investors often view commodities like crude oil as hedges against inflation, leading to increased demand and higher prices.

Source: Investing.com