Crude oil prices dropped to $59.78 on Sunday, April 6, 2025—falling below $60 for the first time since 2021—after U.S. President Donald Trump announced new tariffs on several countries.
The 3% decline follows a week of steady 6% reductions, with analysts from JPMorgan Chase warning that the tariffs, set to take effect this week, could drive both the U.S. and global economies into recession—hurting oil demand and slowing economic activity worldwide.