Oil prices were little changed on Wednesday as traders remained cautious ahead of U.S. tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Energy products are the U.S.’s biggest exports and among its biggest imports, putting them in the front lines of a potential trade war.

Oil prices steadied early Wednesday following a slight dip in the previous session, as investors awaited the announcement of new U.S. tariffs that could escalate global trade tensions and impact crude demand.

Oil prices dipped slightly on Tuesday as worries about the impact of a trade war on global growth outweighed concerns about a hit to supply from threats by U.S. President Donald Trump to impose secondary tariffs on Russian crude and bomb Iran.

Crude oil futures rallied to their highest levels in more than a month after President Trump threatened to impose secondary tariffs on buyers of Russian oil.

Donald Trump previously threatened to impose additional tariffs against Russia, threatening a "25% tariff on all oil, a 25- to 50-point tariff on all oil."