U.S. crude oil rises more than 1% after Trump exempts key tech products from tariffs

U.S. crude oil rose more than 1% Monday after President Donald Trump exempted smartphones, computers and other tech devices from his steep tariffs on goods imported from China.

U.S. crude oil was up 90 cents, or 1.46%, to $62.40 per barrel, while global benchmark Brent rose 88 cents, or 1.36%, to $65.64 per barrel.

Trump has slapped 145% tariffs on China, while hitting pause on duties for most other countries for the next 90 days to allow negotiations.

Prices have also found support after U.S. Energy Secretary Chris Wright said Friday that Trump could stop Iran’s oil exports if a deal was not reached on the Islamic Republic’s nuclear program. The U.S. and Iran held talks in Oman on Saturday and will meet again on April 19.

Oil prices, however, are still down around 13% since April 2 when Trump announced his sweeping tariff plans as fears of a recession have grown.

Goldman Sachs sees West Texas Intermediate and Brent averaging $59 and $63 per barrel, respectively, through the rest of the year, according a note published Sunday.