Trump signed an executive order Saturday that adds a 10 percent tariff on oil, natural gas, coal, uranium and other energy resources from Canada. Other imports from Canada and Mexico will be subject to a 25 percent tariff, while imports from China will get a new 10 percent tariff.

"Despite the 'energy emergency' claims, the US is producing energy in record quantities," JPMorgan Asset Management wrote.

Oil companies cheered Trump’s recent calls for a more streamlined process and a series of energy-related executive orders he signed this month. The orders declared an “energy emergency,” expanded drilling in the Arctic and repealed Biden’s ban on drilling off the East and West coasts and parts of Alaska.

Oil prices are likely to fall in the longer run after the initial jump following Donald Trump's implementation of hefty tariffs, said industry watchers.

Oil prices advanced on Monday on the back of U.S. tariffs imposed on imports from Canada, Mexico and China, while metal and agricultural commodities have come u