Oil Prices Recover After Sharp Decline

After a significant drop to a four-year low, crude oil prices saw a slight rebound on Tuesday. This recovery comes in the wake of growing concerns over a potential global recession, triggered by United States President Donald Trump's announcement of reciprocal tariffs. The initial announcement had led to a widespread market selloff, affecting various sectors.

Market Reaction to Tariff Announcements

The fear of a trade war has caused volatility in the oil markets, with prices fluctuating based on the latest news. Investors are closely monitoring the situation, as the implications of these tariffs could have long-term effects on global trade and economic stability.

Current Oil Prices

As of early Tuesday, West Texas Intermediate (WTI) for May's settlements increased by 1.37%, selling at $61.48 per barrel. Similarly, Brent for June's deliveries saw a 1.23% rise, reaching $65.04 per barrel. These figures indicate a tentative recovery, though the market remains uncertain.