The oil market is experiencing volatility as the Trump administration prepares to impose tariffs on oil imports from Canada and Mexico. These tariffs are anticipated to impact U.S. pump prices, leading to concerns among traders about potential spikes in oil prices. Despite rising prices initially, oil is generally on track for weekly losses, primarily due to changing sentiments surrounding U.S. trade policies and increasing crude supplies. While some analysts suggest that tariffs could benefit European and Asian refiners, many are cautious as they await official decisions that could further influence market dynamics and pricing trends. Overall, the market remains uncertain, reflecting a complex interplay between tariffs, inventory levels, and broader economic factors.