WEB DESK: Oil prices plunged sharply on Thursday, with US crude futures falling 7% to $66.52 a barrel, marking their worst day since July 2022 amid growing concerns that President Donald Trump’s escalating trade war could slow down the global economy and trigger a potential recession.
In a surprising twist for the global energy market, crude oil prices have seen a significant drop following the recent imposition of heavy tariffs by the U.S. President on various countries.
This swift move has led to a notable decrease in crude oil prices, with Brent crude, the international benchmark, falling to $70 per barrel—a decrease of 7% from last week.
Similarly, the price of West Texas Intermediate (WTI), the U.S. benchmark for crude oil, has also experienced a decline, currently priced at $66 per barrel.
However, the decrease in crude oil prices is stirring tensions in the energy sector as gas prices have reacted oppositely, rising by 2% to reach $4.14 per MMBTU.
Experts warn that this gas price hike could offset some of the benefits consumers might expect from lower crude oil prices, leading to a complex reaction across energy markets.
