Oil Prices Plunge Amid US-China Tariff Escalation

Oil prices have plummeted to four-year lows, with Brent crude dropping below $62 a barrel and West Texas Intermediate nearing $60 amid escalating U.S.-China trade tensions. President Trump has announced steep tariffs on Chinese goods, including a 104% tariff set to take effect, prompting fears of a global recession and reduced energy demand. The market has reacted sharply, with oil prices already down 14% and 15% following previous tariff announcements. Analysts warn that further retaliation from China could lead to even lower prices, potentially below the $60 mark. Amid this turmoil, OPEC+ has decided to increase output more than previously expected, further exacerbating supply concerns. Despite these challenges, some analysts believe prices may stabilize around $60 due to protective measures from OPEC+ and U.S. interests in maintaining shale industry profitability.