Oil prices plunged after OPEC+ unexpectedly announced an increase in production, just one day after President Donald Trump introduced sweeping new tariffs on imports.
Key prices:
Brent crude fell to $70.14 a barrel (-6.42%)
WTI dropped to $66.95 a barrel (-6.64%)
Analysts say the dual pressure of rising supply and growing fears of a global economic slowdown is shaking the market. Angie Gildea of KPMG warned this could trigger fresh volatility in the oil industry.
Investor concerns are also mounting over the newly announced tariffs, which could spark broader trade conflicts, dampen economic growth and reduce fuel demand.
Trump’s tariff package imposes at least a 10% duty on nearly all imports, with significantly higher rates for countries with large trade deficits with the U.S.
Tariff highlights:
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European Union: 30% (20% existing + 10%)
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China: 44% (34% + 10%)
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Vietnam: 46%
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Taiwan: 32%
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Japan: 24%
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South Korea: 25%
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Thailand: 36%
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UK: 10%
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Ukraine: 10% (minimum base rate)
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Russia and Belarus: No new tariffs, as imports from these countries are largely restricted
A 25% tariff on imported cars took effect April 3, with a similar duty on auto parts set for May 3. The new import duties will fully roll out starting April 9, with the base 10% rate applying to all countries as of April 5.