Heavy US tariff sell-off pushes oil prices up 1%

Oil surged by more than 1% on Tuesday, recovering from a significant sell-off that had impacted the energy market in recent sessions. The initial slump in prices was triggered by concerns over US trade tariffs, which analysts polled by Reuters said could reduce fuel demand and lead to a global recession.

In their latest review, the agency's experts described the bearish trend as temporary. They linked Monday's sharp drop in oil prices, which hit a four-year low, largely to President Donald Trump's imposition of import duties on major trading partners. Analysts believe there are no other significant factors currently weighing on fuel.

After falling earlier in the week, oil prices are slowly regaining their footing, according to Reuters.

A 10% tariff on all US imports has been proposed by Trump to boost domestic industry, the news agency reports. However, several countries have already retaliated against American exports.