International oil prices plummeted on Tuesday.
The plunge was triggered by U.S. President Donald Trump’s announcement of an additional 104% tariff on Chinese imports starting Wednesday.
On Monday, Trump warned that if China did not withdraw its planned 34% retaliatory tariffs set to begin on April 10, he would impose an extra 50% tariff on top of the initial 20% and the mutual 34% tariffs. He gave China a 12-hour deadline, and when China did not withdraw the retaliatory tariffs, Trump decided to implement a total tariff rate of 104%.
As the world’s two largest economies continue their tariff war, fears of a global economic slowdown have intensified, leading to another significant drop in oil prices.
Brent crude, the international oil benchmark, fell $1.39 (2.16%) to $62.82 per barrel for June delivery.
The U.S. benchmark, West Texas Intermediate (WTI), dipped below the $60 per barrel mark.
WTI for May delivery closed at $59.58 per barrel, down $1.12 (1.85%).
Oil prices have plummeted for four consecutive days since April 3.
During this period, Brent crude has plunged 16.5%, while WTI has nosedived 18.3%.
