SINGAPORE: Oil pric­­es ticked higher on Mon­d­­ay even as investors wei­ghed US President Donald Trump’s latest tariff thr­eat, this time on all steel and aluminium imports, which could dampen global economic growth and energy demand.

Brent crude futures cli­mbed 51 cents, or 0.7 per cent, to $75.17 a barrel by 0444 GMT while US West Texas Intermediate crude was at $71.45 a barrel, up 45 cents, or 0.6pc. The ma­­rket posted its third consecutive weekly decline last week on concerns about a global trade war.

Trump said he will announce 25pc tariffs on all steel and aluminium imports into the US.

Just a week ago, the president announced tariffs on Canada, Mexico and China, but suspended those for the neighbouring countries the next day. Investors appea­red to be shrugging off the steel and aluminium tariff threat for now, Tony Sycamore, a Sydney-based analyst at IG said.

Published in Dawn, February 11th, 2025