Trade War Fears and Increased OPEC+ Output Send Oil Prices Tumbling

In a dramatic turn of events, crude oil prices experienced a significant drop this Thursday. The decline comes in the wake of United States President Donald Trump's decision to impose tariffs on imports from various countries, sparking widespread concern over the future of global trade and economic stability.

OPEC+ Agrees to Boost Production

Adding to the market's volatility, the Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have reached an agreement to increase oil output by 411,000 barrels per day. This move accelerates their previously planned production hikes, further pressuring oil prices downward.

Market Reactions

By mid-morning Eastern Time, West Texas Intermediate for May deliveries had plunged by 7.10%, trading at $66.59 per barrel. Similarly, Brent crude for June settlements saw a 6.60% drop, with prices falling to $69.97 per barrel.