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Oil Prices Plunge to Multi-Year Lows Amid Trade War and Supply Concerns

Oil prices are set for their biggest monthly drop in over three years, driven by escalating global trade tensions and rising supply concerns. Following U.S. President Trump's April 2 announcement of tariffs on all U.S. imports—and China's swift retaliation—WTI crude prices have slumped sharply, hitting four-year lows.

As shown in the chart, prices recently broke below an ascending trendline and are now hovering near key support at $58.71, with resistance seen at $72.33. This breakdown signals a bearish outlook as fuel demand weakens amid the trade war between the world’s top two oil consumers.