Recent developments in the oil market have highlighted a period of upward price pressure despite a slight pullback on Friday. Prices remain near a monthly high, continuing a three-week upward trend influenced by global supply restrictions. These restraints follow the United States imposing tariffs on countries purchasing Venezuelan oil and limitations on Iranian oil trade. The current market behavior reflects a complex interplay of geopolitical tensions and economic factors impacting global oil supplies.

Oil prices rebounded on Monday, despite ongoing global uncertainty triggered by U.S. President Donald Trump's announcement of new tariffs on steel and aluminum. These proposed tariffs could significantly affect the global economy and demand for energy resources.