Oil Prices Experience a Downturn Amid Rising Tariff Concerns

In a recent development that has caught the attention of the global market, crude oil prices have seen a decline of more than 1% this Friday. This downturn follows an announcement by United States President Donald Trump, revealing plans to impose an additional 10% tariff on China starting March 4. The Chinese Foreign Ministry has not taken this lightly, condemning the move and vowing to implement "all necessary countermeasures" should the tariffs be enforced as planned.

Market Reactions and Price Movements

West Texas Intermediate (WTI) for April's settlements experienced a 1.11% drop, selling at $69.36 per barrel at 6:30 am ET. Similarly, Brent for the same month's deliveries saw a decrease of 1.08%, trading at $73.03 per barrel at the same time. These movements highlight the market's sensitivity to geopolitical tensions and their potential impact on global trade and economic stability.