Beijing: Oil prices rose 1% in early Asian trading on Monday, spurred by robust economic data from China’s manufacturing sector, which has heightened optimism about fuel demand. This rise comes amidst ongoing concerns regarding global economic growth, particularly due to the looming possibility of US tariffs.

According to National Iraqi News Agency, Brent crude experienced an increase of 76 cents, or 1%, reaching $73.57 per barrel. Similarly, West Texas Intermediate (WTI) crude saw a rise of 75 cents, or 1.1%, bringing its price to $70.51 per barrel.

Despite this recent uptick, both Brent and WTI crude experienced their first monthly decline in three months in the preceding month. The potential imposition of tariffs by the United States and corresponding actions by its trading partners have shaken investor confidence, raising concerns about the prospects for global economic growth this year.