Oil prices plummet to 5-month low amid new Trump tariff threats

Basio badr

ago 8 hours

Oil prices plummet to 5-month low amid new Trump tariff threats

Oil Prices and Global Markets Tumble Amid U.S.-China Trade Tensions

Significant Drop in Oil Prices

The oil market saw a sharp decline on Friday, with prices falling by more than $2 per barrel after U.S. President Donald Trump’s recent trade comments. West Texas Intermediate Crude fell over 4% to $58.90 per barrel, while Brent Crude declined nearly 4% to $62.73 per barrel. Western Canada Select experienced a drop of roughly 3%, landing at $48.68 per barrel, illustrating the instability in oil prices due to international trade tensions.

Impact on Global Stock Markets

Stock markets worldwide faced a severe downturn following Trump’s indication of a potential “massive increase of tariffs” on Chinese imports. Concerns over these trade measures stem from China’s strategic control over more than 90% of the global supply of rare earth minerals. These minerals are essential for manufacturing a wide range of products, from consumer electronics to advanced jet engines, making their availability crucial for various industries.

Market Indices Reflect Decline

The Dow Jones Industrial Average saw a substantial drop, losing 878.82 points, nearly 2%, settling at 45,479.60. Similarly, the Nasdaq Composite plunged by 820.20 points, or 3.56%, closing at 22,204.43. Canada’s TSX also faced a decline, down 419.09 points or 1.38%, closing at 29,850.89. These figures highlight the broad economic impact of intensifying trade conflicts.

Canadian Dollar Remains Stable

Despite the tumultuous day in financial markets, the Canadian dollar remained steady, trading at 71.43 cents USD, consistent with Thursday’s closing value.

Stay Updated with Emegypt

For the latest news that affects Canada and the global community, consider subscribing to Emegypt for immediate breaking news alerts delivered straight to your inbox.