08.04.202518:36:15UTC+00Crude Oil Falls to 4-Year Low

On Tuesday, WTI crude oil futures reversed their earlier gains, dropping over 1% to fall below $60 per barrel, reaching a four-year low. This downturn followed President Trump's declaration that tariffs on China would increase to 104% starting Wednesday, heightening fears of a global recession. Although there was brief optimism from reports suggesting the U.S. might consider reducing or eliminating tariffs with certain countries, such as South Korea, the overall stagnation in broader trade discussions and the escalating tariffs have prompted markets to reevaluate the global demand outlook. White House Press Secretary Leavitt emphasized the administration's unwavering stance on tariffs, citing national security concerns. This decline in oil prices signifies skepticism regarding short-term de-escalation, with investors wary of the trade war's influence on global growth and energy demand. Additional pressure has stemmed from OPEC+'s planned production increase for May, Saudi Arabia's price reductions, and rising geopolitical tensions, including President Trump's remarks on engaging in direct talks with Iran.