Crude oil prices have started the week up, with Brent Crude trading at $76.16 per barrel, up 1.2%, and West Texas Intermediate 2% up at $73.75 per barrel. This follows two consecutive weeks of losses.

The rise follows President Trump’s announcement of tariffs on imports from Canada and Mexico. In the short term the tariffs of 10% on Canadian oil will lead to a disruption in the U.S. supply of refinery feedstock, which is bullish for oil prices.

This could be counterproductive to one of Trump’s key objectives, lowering the cost of energy. Gasoline pump prices in the U.S. are expected to rise as a result of the tariff.

Investors will be waiting for the results of an OPEC+ meeting on Monday. It is expected that the oil producer group will stick to its current plan of gradual increases to output.