Brent crude oil prices dropped to a four-year low on Wednesday, falling below $60 per barrel amid mounting concerns over U.S. tariff policies and global economic uncertainty.
At the beginning of April, Brent was trading at around $75 per barrel. Since then, prices have declined sharply, with a day-on-day drop of approximately 2.3% on Wednesday, marking a total loss of about 20% since early April.
The price plunge echoes the historic lows seen during the COVID-19 pandemic, when Brent oil dropped to around $20 as global production and demand came to a halt. Meanwhile, Texas crude (WTI) also fell by about 5% on Wednesday, closing at $57 per barrel.
Analysts attribute the sharp decline to heightened market volatility driven by escalating trade tensions between Washington and its global partners.
