Global oil prices surged on the last day of March.
Brent crude, the international oil benchmark, which had reversed to a decline after eight trading days, jumped 1.5%, while West Texas Intermediate (WTI), the U.S. oil benchmark, surged 3%.
U.S. President Donald Trump, mediating ceasefire talks in the Ukraine conflict, put pressure on Russia, causing oil prices to jump.
He warned of potential 25-50% tariffs on nations purchasing Russian oil to pressure Russia, which has shown reluctance towards a ceasefire.
Consequently, Brent crude for May delivery rose $1.11 (1.51%) to $74.74 per barrel. WTI for May delivery closed at $71.48 per barrel, surging $2.12 (3.06%).
