On March 31, 2025, crude oil futures experienced a notable increase, settling at $71.48 per barrel. This marks a rise of $2.12, or approximately 3.05%, from the previous trading session. Throughout the day, prices fluctuated between a low of $68.81 and a high of $71.83. 

The uptick in oil prices coincided with geopolitical developments, including U.S. President Donald Trump’s indication that the United States might seek to limit crude shipments from Russia, the world’s third-largest oil producer.  Additionally, President Trump has announced plans to impose new tariffs on various imports, a move he refers to as “Liberation Day.” These tariffs are aimed at reducing the United States’ reliance on foreign goods and include “reciprocal” import taxes that match those of other countries, targeting nations such as the European Union, South Korea, Brazil, and India. The tariffs will cover a range of goods, including automobiles, pharmaceuticals, copper, lumber, and oil. 

Market analysts suggest that these geopolitical tensions and policy announcements have contributed to the recent volatility in oil prices. Stephen Innes of SPI Asset Management noted that while the market had shown strength earlier in the week, the anticipation of new tariffs could lead to a significant price correction, potentially around April 2. 

Investors are advised to monitor these developments closely, as ongoing geopolitical events and trade policies are likely to continue influencing the energy market in the coming weeks.