Oil prices rose in early Asian trade today as investors assessed the latest threat from US President Donald Trump to impose new tariffs on all steel and aluminum imports, which could affect economic growth and fuel demand.

Brent oil futures climbed 40 cents, or 0.5 per cent, to US$75.06, while US West Texas Intermediate (WTI) rose 38 cents, or 0.5 per cent, to US$71.38 per barrel.

The increase in oil prices followed a three-week decline due to concerns over a potential global trade war.

Trump said that he would later announce a 25 per cent tariff on all steel and aluminum imports into the United States, marking another major escalation in his trade policy.