08:51 AM EST, 01/20/2025 (MT Newswires) -- Oil moved higher early on Monday in electronic trade with markets closed for the Martin Luther King Day holiday as traders await the inauguration of Donald Trump and his promised first-day flurry of executive orders that could include a new tariff regime for the United States.

West Texas Intermediate crude for February delivery was last seen up US$0.22 to US$78.10 per barrel, while March Brent crude traded US$0.12 higher at $80.91.

The rise comes amid reports Trump plans to use emergency powers to boost U.S. oil and gas production and roll back climate-change measures, even as he promises 25% tariffs on imports from Canada, which supplies about two thirds of U.S. oil imports, and new sanctions on Iran.

"Trump says he will sign near 100 executive orders as his 4-year presidency begins, with market initial focus chiefly on the specifics of the Trump administration's tariff plans and whether they will be broad or targeted by geography or import category, whether they will start at low or high levels and whether there will be a "ratcheting" schedule of regular increases until the targeted country changes course.," Saxo Bank noted.

Despite the uncertainty over Trump's planned measures, geopolitical risk eased following the ceasefire in the Gaza Strip between Israel and the Hamas militant group.