US oil prices surged as President Donald Trump imposed 10% tariffs on energy imports from Canada and Mexico, starting Tuesday. The move is expected to raise costs for American consumers. West Texas Intermediate crude oil jumped 3.7%, more than doubling its initial gain, before settling near $74 a barrel. This increase outpaced global Brent benchmark gains, highlighting concerns about US supply, particularly at Cushing, Oklahoma, where prices are set.
Source: https://www.bloomberg.com/news/articles/2025-02-02/latest-oil-market-news-and-analysis-for-feb-3