Oil prices were little changed in early trading on Thursday, as markets watched for tariffs by U.S. President Donald Trump on Mexico and Canada, the two largest suppliers of crude oil to United States.

The U.S. is threatening a two-stage tariff plan in which Canada and Mexico could get hit with initial trade penalties within days then face broader penalties this spring. In summary it's: Maybe tariffs now, and maybe more tariffs later.

Canada is prepared to offer pandemic-level financial support to workers and businesses if the US imposes tariffs. Officials emphasize that workers should not bear the costs of US decisions, referencing past Covid-19 responses as a model for potential aid.