Oil prices rebounded on Monday despite lingering fears over a potential global trade war after U.S. President Donald Trump's latest tariff plans, this time targeting steel and aluminium.

Oil prices rose significantly following the announcement of new tariffs on steel and aluminum imports by the former U.S. President, reflecting concerns about the potential impact on global economic growth and oil demand.

Thanks to abundant supply and fairly flat demand, oil prices are forecast to fall — unless tariffs and geopolitics get in the way.

Oil prices rebounded on Monday after posting their third straight week of losses, even though investors remained worried that U.S. President Donald Trump might start a trade war. Brent crude futures were up $1.