The price of crude oil dropped to its lowest level since 2021 and is down roughly 20% since President Trump announced tariffs last week. Crude prices fell below $58 a barrel, while a recent survey found producers require an average price of at least $65 to profitably drill.

A positive correlation between global oil benchmark Brent crude and U.S. equities has reemerged in 2025, reflecting concern about the slowing economy and the impact of U.S. President Donald Trump's trade wars.