Oil prices were down sharply Monday, after climbing by more than 5% last week, with tariffs "ricocheting across the global economy and diplomacy doing its best to drag Iran back into the fold" —making the the path of least resistance look heavy,

Oil prices climbed on Tuesday as investors took advantage of the previous day’s losses to cover short positions, although concerns persisted over economic headwinds from tariffs and US monetary policy that could dampen fuel demand.