Oil prices jumped on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption from two of the biggest suppliers to the U.S., but the prospect of lower fuel demand capped gains.

Some oil refineries will probably struggle to replace imported crude oil if President Trump imposes 25 percent tariffs on products from Canada and Mexico.

"Despite the 'energy emergency' claims, the US is producing energy in record quantities," JPMorgan Asset Management wrote.