World News

35258 readers

296 users here now

News from around the world!

Rules:

Please only post links to actual news sources, no tabloid sites, etc
No NSFW content
No hate speech, bigotry, propaganda, etc

founded 5 years ago

MODERATORS

AgreeableLandscape@lemmy.ml

Rumblestiltskin@lemmy.ml

jackmarxist@lemmy.ml

zephyreks@lemmy.ml

OurToothbrush@lemmy.ml

159

Oil prices crumble as Saudi Arabia throws in the towel on restricting supply (www.middleeasteye.net)

submitted 4 days ago by geneva_convenience@lemmy.ml to c/worldnews@lemmy.ml

28 comments fedilink hide all child comments

Oil prices continued their free fall on Friday as the market absorbed a double whammy of shocks after US President Donald Trump announced sweeping global tariffs and the Opec+ alliance decided to massively increase crude production.

The price of Brent, the international benchmark, has dropped more than 11 percent in two days, plunging from $74 per barrel at the beginning of this week to about $66 per barrel. The drop has put crude prices at their lowest levels since 2021.

The sell-off shows how Trump’s trade war is already unleashing secondary effects on the Middle East.

you are viewing a single comment's thread
view the rest of the comments

[–] geneva_convenience@lemmy.ml 15 points 4 days ago

Maybe they are trying to save Trump and salvage the world economy line from going through the floor. Because another 2008 would be very bad for Gulf business.