Trump's Tariff Decision Sends Crude Oil to 1-Month High, Global Supply Concerns Mount

• US President Donald Trump's decision to impose a 25% tariff on countries trading with Iran pushed crude oil prices to a one-month high.
• West Texas Intermediate (WTI) prices surged to $60 per barrel after a 6% increase over three sessions.
• Trump's announcement on social media, lacking detailed implementation, raises fears of a renewed trade war, especially with China, a major importer of Iranian oil.
• Concerns about potential disruptions to Iran's oil exports, which account for less than 2% of global demand, have eased oversupply worries.
• Goldman Sachs predicts oil price volatility due to geopolitical risks from Russia, Venezuela, and Iran, despite potential downward trends from oversupply.

Why It Matters: Trump's tariffs on Iran-trading nations have spiked crude oil prices and fueled global trade war fears.