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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

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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.

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[–] qprimed@lemmy.ml 3 points 3 days ago

still hopeful that, if trumps idiocy does not directly blow us all to hell, an economic downturn may give us another COVID style environmental breather. silver linings and all that.