Reported about 4 hours ago
Oil prices surged following U.S. tariffs on Canada, Mexico, and China, raising concerns about potential supply disruptions from these major suppliers. West Texas Intermediate crude reached $73.97 per barrel, while Brent crude hit $76.29. The tariffs, particularly impactful on Mexican energy imports, could affect gasoline prices and profitability for U.S. refiners. However, while short-term oil prices may rise due to supply risks, a decline in demand and pressure on OPEC+ might lead to falling prices in the longer term.
Source: YAHOO