Market Reacts to China's Tariff Hike

In a dramatic response to the United States' recent tariffs, China has escalated the trade war by increasing its duties on US goods from 34% to a staggering 84%. This bold move has sent shockwaves through the global markets, particularly affecting crude oil prices.

Impact on Crude Oil Prices

West Texas Intermediate (WTI) for May's settlements witnessed a sharp decline of 6.55%, dropping to $55.72 per barrel by 7:03 am ET. Similarly, Brent for June's deliveries wasn't spared, with prices falling by 6.22% to $58.99 per barrel at 7:04 am ET.

The market's reaction underscores the growing concerns over the escalating trade tensions between the two economic giants and their potential to disrupt global trade flows.