Crude oil prices crash to 2021 levels amid trade war fears. What’s ahead? Oil prices took a sharp dive after the Trump administration announced sweeping new tariffs and OPEC Plus decided to speed up the unwinding of production cuts. Although crude was spared from direct tariffs, worries over demand destruction due to slower global growth sent prices tumbling. The US WTI crude oil posted a low of $56.70 a barrel last week, while the Asian Brent traded at $60 a barrel. Currently, major international benchmarks and the domestic oil prices are at their lowest level since 2021. The US imposed a baseline tariff of a universal 10 percent on all imports to the US and higher tariffs on specific countries. Countries like China, Vietnam, Japan, India, Korea, and the European Union face addit...
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