London: The price of Brent oil hit a four-year low on Wednesday, falling below $60 per barrel, as markets reacted to ongoing tensions related to US tariff decisions.
According to Anadolu Agency, the price of Brent oil was approximately $75 at the beginning of April. However, recent developments have caused a sharp decline in value, with prices dropping around 20% since then. On Wednesday alone, Brent oil prices decreased by approximately 2.3% day-on-day.
The decline in oil prices is reminiscent of the period during the COVID-19 pandemic when Brent oil prices fell to approximately $20 per barrel due to halted production activities worldwide.
In addition to Brent oil, Texas crude oil (WTI) prices also experienced a significant drop, losing around 5% to reach $57 on Wednesday.