“The news around Trump’s tariffs on autos may actually turn out to be a net positive for crude oil because the rise in new car prices from tariffs will mean it slows down the switch to newer, more fuel-efficient models,” Tony Sycamore, a market analyst at IG, was quoted as saying in a Reuters report.

Oil prices diverged on Tuesday as a maritime and energy truce between Russia and Ukraine offset concerns about tighter global supply due to threatened U.S. tariffs on countries buying Venezuelan production.