Oil edged up by 1% on Monday, following the U.S. decision to lift certain tariff exemptions and fresh Chinese data revealing a significant surge in crude oil imports in March, however the upside was limited due to worries that the ongoing trade tensions between the United States and China might slow global economic growth and reduce demand for fuel.

Brent crude added 1.3% to $65.59 per barrel, while WTI advanced by 1.3% at $62.31.

Earlier on Friday, Trump administration exempted smartphones, computers, and other major Chinese electronics from high tariffs, marking another reversal in trade policy that spiked investor and business uncertainty.

China's crude oil imports saw a strong rebound in March, rising nearly 5% year-over-year, according to data released Monday, driven by increased shipments from Iran and a recovery in Russian supply.

OPEC forecasted in its monthly report released on Monday a 1.3 million barrels per day increase in global oil demand for 2025—150,000 bpd lower than its estimate from the previous month, citing trade tariffs as one of the key factors behind the downward revision.

U.S. Energy Secretary Chris Wright stated on Friday that the United States might halt Iranian oil exports as part of President Trump’s strategy to intensify pressure on Tehran regarding its nuclear program—an action that could help bolster oil prices.