US President Donald Trump holds a signed executive order after delivering remarks on reciprocal tariffs during an event in the Rose Garden entitled "Make America Wealthy Again" at the White House in Washington, DC, on April 2, 2025. Photo by SAUL LOEB / AFP
Singapore: Oil prices declined three percent on Thursday in Asian trading after US President Donald Trump announced fresh sweeping tariffs investors fear will ignite a global trade war, hamper economic growth and curb fuel demand.
Brent crude futures fell $1.60, or 2.13 percent, to $73.35 a barrel, after falling 3.2 percent earlier, their largest daily percentage drop since March 5.
US West Texas Intermediate (WTI) crude futures fell $1.62, or 2.26 percent, to $70.09, after falling 3.4 percent earlier.
