Oil Prices Hit Hard by Trade Tensions

Oil futures experienced a significant drop on Thursday, with prices falling more than 5% as the trade dispute between the United States and China, the world's largest oil consumer, continues to escalate. Investors are growing increasingly cautious, leading to reduced trading activity.

China's Retaliatory Tariffs Spark Demand Worries

The implementation of China's 84% reciprocal tariffs on American goods has further fueled concerns over dwindling demand. Chinese officials have criticized the U.S. government's approach, accusing it of using tariffs "as a weapon" in the ongoing trade war.

Latest Price Movements

West Texas Intermediate (WTI) for May deliveries plummeted by 5.57% to $58.81 per barrel, while Brent for June settlements saw a 5.24% decline, trading at $62.12 per barrel.