Oil Prices Take a Hit Due to New U.S. Tariffs

Oil prices experienced a significant drop, decreasing by more than 1% this Wednesday. The decline comes as investors express concerns over the potential impact of the United States' latest tariff measures on imported steel and aluminum, set to take effect on March 12. These tariffs, a 25% levy on all imports of these materials, are expected to provoke responses from key trade partners such as the European Union and Canada.

Economists and industry leaders warn that the introduction of these tariffs could lead to a decrease in overall demand, including in the energy sector. This sentiment is reflected in the current market prices, with West Texas Intermediate (WTI) for March settlements falling by 1.24% to $72.38 per barrel, and Brent for April deliveries dropping by 1.04% to $76.16 per barrel as of early Wednesday morning.