02:40 PM EDT, 03/27/2025 (MT Newswires) -- (Updates prices.)

Oil prices were steady mid-afternoon on Thursday on an uncertain economic outlook after U.S. President Donald Trump ratcheted up his trade wars with a promise to impose 25% tariffs on autos imported into the United States.

West Texas Intermediate crude for May delivery was last seen up US$0.27 to US$69.92 per barrel, while May Brent crude was up US$0.24 to US$74.03.

Trump on Wednesday said he will place the new auto tariffs on cars and auto parts from outside the United States, while U.S autos containing parts produced in Canada and Mexico will be taxed only on their non-U.S content. Trump is still planning to impose 25% blanket tariffs on Canada and Mexico, the largest U.S. trading partners, on April 2. He has also put a 20% tariff on imports from China and is also proposing levies on imports of computer chips and pharmaceuticals.

The increasing tariff threats have countries promising reciprocal measures, upsetting global trade, potentially raising inflation and slowing global growth. However some of his proclamations have supported oil prices, as he tightened sanctions on Iranian exports and promised to impose tariffs on imports on any country that buys Venezuelan crude.

"Following moves to end Chevron's license to operate in Venezuela, the White House this week announced "secondary tariffs" on importers of the country's oil. The executive order ... includes a novel measure - a 25% secondary tariff - to be imposed on all goods of countries importing Venezuelan oil, either directly or indirectly, from April 2nd, which would be in addition to any other tariffs," Helima Croft, Head of Global Commodity Strategy and MENA Research at RBC Capital Markets wrote.

India's Reliance Industries, which operates the world's largest refining complex, is expected to halt imports from the South American country, Reuters reported.