Trump tariffs lower oil prices at a global level

The upcoming US oil contracts dropped by 7% to $66.52 per barrel, causing the price of crude oil to affect its worst day since July 2022. And crude oil, which is global standard, fell 6%, reports CNN, broadcast Periscope.

OPEC+ surprised investors Thursday, announcing that Saudi Arabia, Russia and six other members have agreed to significantly accelerate the previously planned production growth starting in May.

The surprise movement by the OPEC+ reinforced concerns about the economic impacts of massive Trump tariff escalation.

“It is a moment of destruction of demand and will break the supply chain. The market is concerned about the threat of recession, inflation and unemployment”, Robert Yawger, executive director at Mizuho Securities, told CNN on Thursday.

If increased trade warfare slows down the flow of goods and services, it will damage the demand for energy like crude oil.

The good news is that prices on the derivative pump will be lowered. But if we're going to recession, you won't go so much on pump”, Jaeger said.

President Trump announced on Wednesday that he has imposed customs duties for all states, which have tariffs on US imports in place.

Kosovo has been charged with a 10% fee, while a few minutes ago, the country's president, Vjosa Osmani, announced that she has made an official request to the government in office to lift tariffs in import for American products.

The same demand has been made by the American Economic Oda in Kosovo.