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.

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

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.

Prices jumped on fears that U.S. tariffs on its major trade partners could disrupt supplies and raise prices at the pump.

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

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.

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 prices eased to a four-week low in volatile trade on Monday as the market reacted to U.S. President Donald Trump's planned imposition of tariffs on Canada, Mexico and China on Tuesday. Concerns over imports from two of the main crude suppliers to the U.