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

Oil futures fell Tuesday morning, losing ground as the U.S. implemented an additional 10% tariff on China imports and Beijing retaliated with measures of its own.

Oil prices edged up in volatile trade on Monday but closed at a one-month low on the expiration of a higher-priced contract, as the market digested U.S. President Donald Trump's planned imposition of tariffs on Canada,

"Despite the 'energy emergency' claims, the US is producing energy in record quantities," JPMorgan Asset Management wrote.

President Trump’s tariff on Canadian oil is expected to raise prices at the pump for U.S. consumers, if it takes effect as planned after a 30-day delay. Analysts told The Hill that the 10 percent

Oil prices diverged at settlement on Tuesday amid tariff drama between Washington and Beijing, and after U.S. President Donald Trump restored his "maximum pressure" campaign on Iran, in a bid to drive Iranian oil exports to zero,

President Trump delayed tariffs on Mexico and Canada, but imposed 10% levies on China, prompting Beijing to retaliate. Follow along for live updates on stocks and markets, including the Dow Jones Industrial Average,