Oil crosses $77 per barrel, US crude jumps by more than 3%

Oil prices extended their gains during Monday's trading, despite the surge in the dollar, after US President Donald Trump imposed additional tariffs on imports from China, Canada and Mexico, as markets assessed the impact of this move on supplies.

Brent crude futures for April delivery rose by 1.95%, or $1.45 to $77.12 per barrel at 05:16 PM Makkah time.

Similarly, Nymex US crude futures for March delivery rose by 2.70% or $1.97 to $74.51 per barrel, after touching $75.18 earlier in the session (+3.6%).

The dollar index - which measures its value against a basket of major currencies - rose by 0.80% to 109.22 points, which usually puts pressure on US-denominated commodity prices.

On Saturday, Trump signed an executive order imposing additional tariffs of 25% on imports from Canada and Mexico, and 10% on imports from China.