United States President Donald Trump announced on April 9 that tariffs on China would increase to 125%, while tariffs on most other countries would be suspended for 90 days with a lowered 10% tariff. 

West Texas Intermediate (WTI) crude for May delivery increased by US$2.77 (4.65%), reaching US$62.35/barrel on the New York Mercantile Exchange. Brent crude for the May delivery rose by US$2.66 (4.23%), settling at US$65.48/barrel.