Oil prices remained stable at the beginning of the week as traders assessed the potential impact of additional US tariffs and an expected increase in oil supply by OPEC+. Brent was trading above $72 per barrel following a 2.2% gain last week, with West Texas Intermediate hovering around $68. Reports suggest that the new tariffs proposed by Donald Trump on April 2 will be more specific, as opposed to a broad approach as previously suggested.

The uncertainty and fluctuation in global markets continue as Trump escalates trade conflicts on multiple fronts, leading to retaliatory measures from countries like China and Canada. Oil futures have decreased by over 10% from their peak in mid-January earlier this year.

The new US tariffs are coinciding with plans by OPEC+ to increase oil production, starting with a boost of 138,000 barrels per day next month. This move comes as Trump aims to negotiate a ceasefire in Russia's ongoing conflict with Ukraine, with discussions held at a diplomatic level. Delegates from the US and Russia are scheduled to hold separate talks on Monday regarding the matter.