TariffsOil gained at the start of the week ahead of planned tariffs by the Trump administration on major US trading partners including China, which raises the prospect of retaliatory measures and market volatility.

Brent climbed above $73 a barrel after posting the biggest monthly loss since September, while West Texas Intermediate futures traded near $70. The levies on China, Mexico and Canada, which are scheduled to start on Tuesday, may yet be delayed, but any reprieve would likely be temporary.

President Donald Trump's threats to implement sweeping tariffs on a number of countries has weighed on sentiment across global markets, with benchmark oil futures on a downtrend since mid-January. Hedge funds cut their net-long position in WTI to the lowest level since 2010 through Feb. 25.

Levies on Canadian and Mexican oil, as well as threats to revoke Chevron Corp.'s license to produce and export Venezuelan crude, put at risk around 80% of US crude imports. That could raise costs for refiners at a time when they've ramped up processing to historically high levels.

The market will also be watching for any signs of spending plans by China as the nation heads into its biggest political huddle of the year. Thousands of delegates including ministry chiefs will gather Wednesday in Beijing.

Elsewhere, Iraq invited international oil companies operating in the country's Kurdish region for a meeting on Tuesday to help resume flows halted for about two years. The potential restart of exports from the region has weighed on prices recently.

Source: Bloomberg