RoydadNaft –   The price of Brent crude oil reached $80.19 per barrel on Tuesday, marking a modest increase of $0.04, or 0.05%.

According to Reuters, oil prices showed mixed trends during early trading in Asia. The slight recovery follows the announcement of Donald Trump’s plan to boost U.S. oil and gas production, paired with the delay in implementing new tariffs.

While Brent crude saw a marginal rise, U.S. West Texas Intermediate (WTI) crude dropped $1.14, or 1.46%, to trade at $76.74 per barrel.

Trump, the newly inaugurated U.S. president, unveiled his proposal to enhance domestic energy production, stating his intent to impose a 25% tariff on imports from Canada and Mexico starting February 1. However, he clarified that the measure will not be implemented immediately, leading to a temporary dip in oil prices.

Analysts suggest that the tariffs on Canadian crude could push oil prices higher in the long run. Nearly all of Canada’s crude oil exports are directed to the U.S. and are typically sold at a discount to WTI prices. As a result, U.S. sanctions could increase costs for Canadian oil exports.

Additionally, Trump announced a plan to expedite permits for oil, gas, and electricity projects, aiming to maximize U.S. energy production. Although no new trade measures have been enforced yet, he instructed federal agencies to review unfair trade practices by other nations.

In a related development, Trump stated that the U.S. might halt crude oil purchases from Venezuela, the second-largest supplier of oil to the U.S. after China.

The president also pledged to replenish the U.S. Strategic Petroleum Reserve, a move expected to bolster demand for American crude and support higher oil prices in the near future.