As markets assess the threat of US President Donald Trump's tariffs on Mexico and Canada, oil prices rose on Friday.

Brent crude oil futures for March, which expire on Friday, gained 61 cents to $77.48 per barrel at 04:30 GMT. The April contract, which was more active, stood at $76.37 per barrel, up 48 cents. American West Texas Intermediate (WTI) crude gained 65 cents to $73.38. Over the week, Brent is expected to lose 1.3% while WTI fell by 1.69%. For the month of January, Brent is expected to gain 3.8%, its best month since June, and WTI is expected to rise

According to Priyanka Sachdeva, senior market analyst at Phillip Nova, “Crude oil prices fell this week due to growing concerns about Trump tariffs, which are expected to hamper global economic growth.”