Oil Markets React Sharply to New US Tariffs

In a dramatic turn of events, global oil futures experienced a significant drop, losing more than 3% of their value. This downturn came in the wake of US President Donald Trump's latest announcement imposing global tariffs, including a 10% baseline rate, with specific rates of 34% on China and 20% on the EU. These measures have stoked fears among investors regarding potential trade conflicts that could hinder global economic growth and, consequently, reduce energy demand.

Price Movements in Key Oil Benchmarks

At 3:15 am ET, West Texas Intermediate (WTI) for May deliveries was observed to plummet by 3.74%, trading at $69.15 per barrel. Shortly thereafter, Brent crude for June settlements followed suit, declining by 3.47% to $72.45 a barrel.