Oil Prices Take a Hit Following China's Tariff Announcement

In a dramatic response to the United States' recent tariff impositions, China has escalated its trade duties on US goods from 34% to a staggering 84%. This move has sent shockwaves through the global oil market, resulting in a significant downturn in crude oil prices.

Market Reaction to the Trade War Escalation

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

The escalation in the US-China trade war has raised concerns among investors, leading to increased volatility in the oil markets. Analysts are closely monitoring the situation, as further developments could have lasting implications on global trade and oil prices.