The U.S. is set to place hefty tariffs on several big energy producers—Algeria, Brazil, Iraq and Libya. So why do oil traders seem unbothered? For one thing, the executive order that accompanied Trump's April "Liberation Day" tariffs exempted energy and energy products.

Brazil’s oil exports to the US face potential disruption from threatened tariffs, prompting the country and its state-controlled oil company Petrobras to explore new markets and strategies.