Oil Prices Experience Significant Drop

In a dramatic turn of events, oil futures have seen a steep decline, with West Texas Intermediate (WTI) prices plummeting over 3%. This downturn comes as a direct response to the United States President Donald Trump's decision to impose tariffs on Mexico, Canada, and China. Despite a temporary reprieve for Canada and Mexico, the tariffs on China have sparked a swift retaliatory response from Beijing.

Market Reactions and Price Movements

By 9:49 am ET, WTI for March settlements had decreased by 2.42%, trading at $73.16 per barrel. Similarly, Brent crude for April deliveries wasn't spared, experiencing a 1.47% drop to $75.96 per barrel. These shifts underscore the volatile nature of the oil market in light of ongoing trade disputes.