Oil prices ticked higher on Monday as investors assessed U.S. President Donald Trump's latest tariff threat on steel and aluminium imports, which could impact global economic growth and energy demand.

Brent crude futures rose 40 cents, or 0.5%, to $75.06 a barrel by 0133 GMT, while U.S. West Texas Intermediate crude gained 38 cents, or 0.5%, to $71.38 a barrel. The market had posted a third consecutive weekly decline last week amid trade war concerns.

Trump is set to announce 25% tariffs on all steel and aluminium imports into the U.S. on Monday, marking another escalation in his trade policy. Just a week ago, he imposed tariffs on Canada, Mexico, and China, only to suspend them for neighboring countries the next day.

Tony Sycamore, a Sydney-based analyst at IG, noted that markets appear to be taking a measured approach to Trump's tariff moves. "The market has realized tariff headlines are likely to continue in the weeks and months ahead," he said, adding that investors may be adjusting to the possibility of policy reversals or further escalations.

Meanwhile, China's retaliatory tariffs on certain U.S. exports take effect on Monday, with no visible progress in trade negotiations between Beijing and Washington. Oil and gas traders are reportedly seeking waivers from Beijing for U.S. crude and liquefied natural gas imports.

On the geopolitical front, Trump stated on Sunday that the U.S. is making progress with Russia to end the Ukraine war but did not disclose details of any discussions with Russian President Vladimir Putin. Sanctions imposed on Russian oil trade on Jan. 10 have disrupted Moscow's supplies to key buyers China and India. Additionally, the U.S. Treasury increased pressure on Iran last week by sanctioning individuals and tankers involved in shipping Iranian crude to China.