Oil prices rebounded on Monday despite lingering fears over a potential global trade war after U.S. President Donald Trump's latest tariff plans, this time targeting steel and aluminium.

Oil futures rose Monday, finding support after three straight weekly declines that took crude to its lows of the new year.

Thanks to abundant supply and fairly flat demand, oil prices are forecast to fall — unless tariffs and geopolitics get in the way.

Crude oil price rallied to a 12-week high on Monday amid renewed hopes over the commodity’s demand in the new year. While it has since pulled back, Brent futures have been in the green in four out of the past five sessions.

U.S. and global oil futures declined on Thursday as a hefty rise in last week’s U.S. supplies and uncertainty surrounding tariff disputes helped to weaken the outlook for crude demand, prompting prices to settle at their lowest levels of the year.