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(Bloomberg) -- Carlyle Group Inc.’s Jeff Currie warned of a “security premium” that will be added to the cost of metals like copper as tariffs mean that countries will need to pay more to ensure domestic supplies.

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“Energy security is top of mind for everyone around the world right now,” Currie said during an interview with Alix Steel on Bloomberg Radio minutes after President Donald Trump announced plans to increase steel and aluminum tariffs to retaliate against Ontario’s move to place a levy on electricity imported from the US.

“Volatility is going to explode across all these markets,” Currie said, referring to energy and metals. The interview took place at the CERAWeek by S&P Global conference.

As for oil, Currie says prices could dip to the low $60s per barrel this year, but limited investment and low inventories likely will provide a floor of support for prices.

For more on CERAWeek — Day 2, click here for our TOPLive blog.

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