Oil Market Reacts to Tariff Announcements

In a significant market movement, oil futures experienced a sharp decline, with prices dropping over 3% on Tuesday. This downturn was primarily fueled by the United States President Donald Trump's decision to impose tariffs on Mexico, Canada, and China. Although the tariffs on Canada and Mexico were postponed for a month, the implementation of tariffs on China prompted immediate retaliatory measures from Beijing.

Price Movements in Detail

West Texas Intermediate (WTI) for March settlements saw a decrease of 2.42% by 9:49 am ET, trading at $73.16 per barrel. Similarly, Brent crude for April deliveries fell by 1.47%, settling at $75.96 per barrel. These figures highlight the market's volatile response to the recent tariff announcements and the ongoing trade tensions between the United States and its trading partners.