India, Feb. 3 -- Oil futures settled higher on Monday after U.S. President Donald Trump imposed tariffs on imports from Canada threatened to disrupt North America's tightly integrated oil market.
A stronger dollar and Trump's decision to delay tariffs on Mexico for a month limited oil's upside.
Within hours of Trump's executive order on tariffs on imports from Canada, Canadian Prime Minister Justin Trudeau unveiled a 25% counter-tariff on $107 billion of U.S. goods.
It is feared that a trade war against Canada and Mexico could affect U.S. energy prices and have significant geopolitical ramifications.
The U.S. imports approximately 4 million barrels of Canadian oil and nearly 500,000 barrels of Mexican oil daily.
Oil prices were also su...