04.04.2025, 15:40

Oil prices plunge for the first time in three years due to Trump's tariffs and OPEC+ decision - Reuters

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Large-scale tariff measures by the United States and the unexpected decision of OPEC+ to increase production sharply collapsed quotes.  

Brent fell by 7% - the most since March 2022 - and broke through $70 per barrel, stopping at $69.79. US WTI lost 7.4%, falling to $66.2 per barrel.  

Markets reacted to the news that Donald Trump is returning duties to the level of a century ago, which could trigger a wave of recessions around the world and significantly reduce oil demand.  

At the same time, OPEC+ announced the largest production expansion since 2020 - since May, 8 countries, including Saudi Arabia, Russia, the UAE and Iraq, will add 411 thousand barrels of new supplies daily, which is three times higher than the previous plan.

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