Oil prices are experiencing upward movement amid concerns regarding new tariffs proposed by US President Donald Trump. Despite this rise, the market is set for a weekly decline as traders react to Trump's statements about imposing tariffs on oil imports from Canada and Mexico, effective March 1. The US Federal Reserve's decision to maintain interest rates has also influenced market sentiment. As of the latest updates, crude oil prices have advanced, reflecting the market's anticipation of the impending tariffs, which are expected to impact oil trading dynamics significantly.