Wednesday saw a six percent plunge in global petroleum prices as the US-China tariff conflict intensified.

According to data from OilPrice.com, as of the time this story was filed, Brent fell to $59.33 per barrel, while WTI crude futures fell by about $4.01, or 6.7 percent, to $56.06 per barrel.

Since February 2021, the reduction in crude prices has been the lowest.

The move coincides with US President Donald Trump’s confirmation on Wednesday of a 104 percent tariff on imports from China.

In retaliation for Trump’s tariff, China imposed 84 percent duties on US imports. Beijing stated that on April 10, China’s tariffs will go into force.

Traders were alarmed by the US-China tariff conflict, fearing that it might turn into a full-scale trade war that would cause a recession and reduce demand for crude oil.

Keep in mind that the Organization of Oil Producing Countries, or OPEC+, has decided to increase production in May, adding to the market’s already abundant supply.