The price of oil in the global market plunged further Friday morning to the lowest levels since 2021.
Just after 11 a.m. EST, both international and domestic benchmark oil prices had dropped by around 8%, inching closer to $60 a barrel. Brent Crude had fallen by 7.93% to $64.58 per barrel, and West Texas Intermediate had also dropped by 8.71% to $61.11.
The plunging prices come on the heels of the Trump administration’s sweeping tariffs announced Wednesday, which included a baseline 10% tariff on all exports to the United States, with minimal exceptions, and higher tariffs on nations with large trade surpluses with the U.S.
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China announced retaliatory tariffs on the U.S. Friday morning, saying it would impose additional tariffs of 34% on all U.S. goods starting April 10.
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