Thanks to abundant supply and fairly flat demand, oil prices are forecast to fall — unless tariffs and geopolitics get in the way.

Oil prices edged up in volatile trade on Monday but closed at a one-month low on the expiration of a higher-priced contract, as the market digested U.S. President Donald Trump's planned imposition of tariffs on Canada,

Oil futures fell Tuesday morning, losing ground as the U.S. implemented an additional 10% tariff on China imports and Beijing retaliated with measures of its own.

"Despite the 'energy emergency' claims, the US is producing energy in record quantities," JPMorgan Asset Management wrote.

The impact on China is likely to be limited, as U.S. crude has most recently accounted for less than 2% of Chinese imports, while U.S. LNG has represented no more than 12% of all LNG imports into China in recent months, according to Kpler data quoted by Russell.

President Donald Trump's decision to implement a 10% tariff on Canadian energy starting Tuesday, in contrast to the announced 25% tariff on everything else from Canada, "will moderate the resulting increase in U.

President Trump’s tariff on Canadian oil is expected to raise prices at the pump for U.S. consumers, if it takes effect as planned after a 30-day delay. Analysts told The Hill that the 10 percent

Neither OPEC nor US shale firms appear willing to increase oil supply, despite President Trump's pledge to bring down energy prices.

President Trump delayed tariffs on Mexico and Canada, but imposed 10% levies on China, prompting Beijing to retaliate. Follow along for live updates on stocks and markets, including the Dow Jones Industrial Average,

Oil prices diverged at settlement on Tuesday amid tariff drama between Washington and Beijing, and after U.S. President Donald Trump restored his "maximum pressure" campaign on Iran, in a bid to drive Iranian oil exports to zero,