Oil Prices Rise as Trump Threatens Tariffs on Iranian Crude Buyers

• Oil prices edged higher, nearing December highs, after US President Donald Trump announced a 25% tariff on goods from nations trading with Iran.
• West Texas Intermediate (WTI) rose to $60 a barrel, while Brent closed below $64 on Monday.
• Trump's social media announcement lacked specific details on the tariff's scope or implementation.
• The new tariffs could reignite a trade war, particularly with China, the largest importer of Iranian crude.
• Concerns over potential disruption to Iran's oil exports (under 2% of global demand) are tempering fears of a global glut.

Why It Matters: Trump's tariff threat on Iranian crude buyers pushes oil prices up amid trade war fears.