Oil Futures Experience a Downturn

On Tuesday, the oil market witnessed a notable decline in futures prices. This shift came as President Donald Trump announced a 30-day pause on tariffs against Canada and Mexico, a move that has stirred the global markets.

US-China Trade Tensions Escalate

Amidst the tariff pause, the ongoing trade tensions between the United States and China have intensified. Both nations have imposed tariffs on each other's exports, diverting attention from the Middle East crisis and impacting global trade dynamics.

Market Reaction

West Texas Intermediate (WTI) for March settlements saw a significant drop, decreasing by 1.85% to $71.80 per barrel. Similarly, Brent crude for April deliveries fell by 1.12%, trading at $75.07 per barrel.