On Monday (February 3), US crude oil opened significantly higher during the Asian trading session and fell slightly, trading around $73.84. US President Trump ordered a 25% tariff on imported goods from Canada and Mexico starting from Tuesday.

And announced that these tariffs will remain in effect until the national emergency caused by illegal immigration into the United States ends. Canadian provincial officials and corporate executives expressed anger over this.

And call for the imposition of mandatory tariffs on imported products from the United States. A senior Mexican official stated that Mexico will respond with retaliatory tariffs.

Ontario Premier Doug Ford posted on X social media that Canada "now has no choice but to fight back, and we will fight back fiercely".

Ford said, "As the Governor of Ontario, I fully support the federal government's strong response to the US tariffs on a one-to-one basis

Canadian Prime Minister Justin Trudeau had previously threatened to take tough retaliatory measures if Trump imposed tariffs. The Mexican Ministry of Economy stated that there was no immediate comment.

White House officials have stated that Canada will no longer enjoy the minimum tariff exemption from the United States for small goods worth less than $800.

Officials have stated that Canada and Mexico have become pipelines for hazardous chemicals to be transported to the United States through small packages that are typically not inspected by customs officials.

It should be noted that many refineries in the Midwest of the United States use Canadian crude oil, and reduced flow may support fuel prices.

EY Chief Economist Greg Daco has developed a model to measure the economic impact of Trump's tariff plan, which shows that Trump's tariff plan will reduce US economic growth by 1.5 percentage points this year.

Causing Canada and Mexico to fall into recession and triggering 'stagflation' domestically.

Daco wrote on Saturday: 'We have consistently emphasized that significantly increasing tariffs on US trading partners could cause stagflation shocks, negative economic impacts, and financial market volatility when combined with inflationary impulses.'.

Analysts said, "Imposing tariffs on Canadian oil could lead to a temporary increase in gasoline prices in the Midwest region of the United States, which is not welcomed

From the perspective of CFTC's holdings, the CFTC's weekly holdings report shows that data from the US Commodity Futures Trading Commission indicates the week of January 28th.

The net long position of speculators in NYMEX WTI crude oil decreased by 59095 contracts to a five week low of 191792 contracts, while their net long positions in Brent and WTI crude oil decreased to 477122 contracts.

Technically speaking, there is a demand for oversold rebound after a significant drop in the short-term US crude oil daily chart, but the impact of revised tariffs at the daily chart level is relatively limited.

Combined with the expected slowdown in mid-term demand and pressure on oil prices, we will pay close attention to whether the $75 integer mark has been broken during the day.