Market Reacts to Trade War Fears

West Texas Intermediate crude oil fell sharply, dropping below $59 per barrel, as the market reacted to the US administration's announcement of 104% combined duties on Chinese imports. This marks the lowest point in four years for oil prices, with optimism over potential tariff cuts fading amidst worsening trade tensions.

OPEC+ and Geopolitical Factors Add Pressure

Further downward pressure came from OPEC+'s planned production boost in May and increasing geopolitical uncertainties, including remarks by US President Donald Trump about direct negotiations with Iran.

Price Details

At 3:20 pm ET, WTI for May deliveries was down by 3.80%, trading at $58.51 per barrel, while Brent for June settlements dropped 3.85%, selling for $61.87 per barrel.