Prices have fallen about 10% from their 2025 peaks on Jan. 15, five days before Trump assumed the presidency. Markets are expected to be volatile in the coming weeks.

Oil prices rose in Asian trading on Thursday after Saudi Arabia’s state oil company sharply increased March crude prices, but the increase was almost the same as the biggest drop in Brent prices in nearly three months the day before.

Brent crude futures rose 8 cents to $74.69 a barrel by 0422 GMT. WTI crude oil rose 15 cents to $71.18 a barrel.

Oil prices fell more than 2% on Wednesday as a big buildup in US crude and gasoline inventories signaled weak demand and investors anticipated a new round of US-China trade tariffs, including tariffs on energy products.

As the impact of Trump’s new policy positions, particularly the tariff measures, weighs on minds, significant volatility is likely in the coming weeks and months.

A sharp increase in prices for Asian buyers by Saudi Aramco, the world’s leading oil exporter, managed to stem Wednesday’s sell-off.

The US last month imposed aggressive new sanctions on Russia’s oil trade, targeting what it said were “shadow ships” used by Russia to evade trade blockades. Trump has imposed tariffs on China since taking office, but these have fallen short of his campaign threats.

Beijing responded on Tuesday by announcing tariffs on imports of US oil, liquefied natural gas and coal, but China’s purchases from the US are relatively modest, diluting the impact of the new measures.

While some tariffs have put upward pressure on oil prices, the net effect is likely to be downward, given their potential negative impact on the global economy and Trump’s agility to offer exemptions for energy.