Oil futures were up sharply Monday after President Trump over the weekend slapped tariffs on Canada, Mexico and China, sparking worries over U.S. crude imports, though upside was limited by concerns a trade war would dent demand.

Oil prices jumped on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption from the two biggest suppliers to the U.S., but the prospect of lower fuel demand capped gains.

Oil prices rise on the first day of trade after the US imposed tariffs on Canada and Mexico, with analysts divided on the long-term impact.

Oil prices rose on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of supply disruption, though gains were capped by concern over what could be an economically damaging trade war.

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

Some oil refineries will probably struggle to replace imported crude oil if President Trump imposes 25 percent tariffs on products from Canada and Mexico.

The new tariffs imposed by U.S. President Donald Trump on imports from Canada, Mexico, and China are likely to have a limited near-term impact on global oil and gas prices, Goldman Sachs said in a note on Sunday.

OPEC+ didn’t make any changes to its existing oil-production plans at a review meeting on Monday, even as President Donald Trump called on the group to lower crude prices.

The president says lower prices could solve a range of problems, but finds early resistance in the oil market.

OPEC+ is likely to adhere to current plans to raise output gradually from April when a panel of top ministers meets on Monday, delegates from the producer group told Reuters, despite U.S. President Donald Trump urging OPEC to lower prices.