Oil rises as investors weigh new U.S. tariffs

Oil prices rose on Monday as investors weighed U.S. President Donald Trump’s latest threat to impose new tariffs, this time on all steel and aluminum imports, which could hit economic growth and fuel demand.

Brent crude futures were up 40 cents, or 0.5 percent, at $75.06 a barrel by 0133 GMT, while U.S. West Texas Intermediate crude was up 38 cents, or 0.5 percent, at $71.38 a barrel. The rise in oil prices follows three weeks of declines driven by concerns about a global trade war.

Trump said he would announce a 25 percent tariff on all steel and aluminum imports into the United States on Monday in another major escalation of his trade policy.

Just a week ago, Trump announced tariffs on Canada, Mexico and China, but suspended the tariffs on neighboring countries the following day.