Oil prices plummet: tariff conflict shakes markets!

Oil prices fell again at the start of the week, largely due to fears of a global economic downturn. Prices are falling in response to the US-triggered tariff conflict, which is having a serious impact on global markets.

The price for a barrel (159 liters) of North Sea Brent for delivery in June is currently $64.07. This represents a decrease of $1.5, or 2.3 percent, compared to Friday evening. The price of a barrel of U.S. WTI for delivery in May also fell and is now at $60.49, a decrease of $1.5, or almost 2.5 percent. On Friday, oil prices fell to their lowest level since 2021.

Causes of the price decline

The sharp decline in oil prices is attributed to the aggressive tariff policy of the USA. Since the announcement of the tariff package by US President Donald Trump on Wednesday last week, the Brent price has already lost around 11 dollars or 15 percent finance.net reported. These developments have led to increased uncertainty in the market, further increasing the volatility of oil prices.

This situation shows once again how closely the markets are interconnected and how political decisions can have far-reaching effects on economic aspects.