U.S. stock-index futures were expected to open lower Sunday night after President Donald Trump announced heavy tariffs on imports from Canada, Mexico and China, as investors braced for volatility across financial markets.

Oil prices jumped at the market open on Monday after U.S. President Donald Trump imposes tariffs on Canada, Mexico and China, raising fears of a trade war and disruption in crude supply from two of the United States' biggest suppliers.

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