Oil Futures Experience Sharp Decline Amid Trade and Geopolitical Concerns

The global oil market witnessed a significant downturn on Wednesday, with futures prices dropping sharply. This decline was attributed to growing apprehensions among traders, spurred by the United States President Donald Trump's imposition of tariffs on various imports and ongoing instability in the Middle East.

West Texas Intermediate (WTI) for May deliveries saw a notable decrease of 3.83% by 10:46 am ET, settling at $57.38 per barrel. Similarly, Brent crude for June settlements fell by 3.58%, reaching $60.62 per barrel.