Oil Prices Drop to Lowest Level Since Pandemic as Trade War Accelerates

Crude oil prices slumped to their lowest level since 2021 after the U.S. announced a fresh 50% tariff for Chinese imports following Beijing’s refusal to withdraw its retaliatory 34% tariffs announced in response to Washington’s imposition of a 34% tariff rate on top of already existing levies. At the time of writing, Brent crude was trading at $60.36 per barrel, with West Texas Intermediate at $57.04 per barrel, both down by close to 4% from Tuesday’s close. Since the start of the year, the benchmarks have shed lover $10 per barrel…