Oil Prices Take a Hit

In a recent turn of events, crude oil prices have seen a significant drop of more than 1% this Friday. This decline comes in the wake of United States President Donald Trump's announcement regarding additional tariffs on China, set to take effect on March 4.

Market Reactions

West Texas Intermediate (WTI) for April's settlements experienced a 1.11% decrease, pricing at $69.36 per barrel. Similarly, Brent for the same month's deliveries fell by 1.08%, selling for $73.03 per barrel at the same time.

China's Stance

The Chinese Foreign Ministry has strongly condemned the proposed tariffs, vowing to implement "all necessary countermeasures" if the tariffs are imposed as announced. This escalation in trade tensions has contributed to the volatility in oil prices, reflecting the market's sensitivity to geopolitical developments.