Front-month Ice Brent crude futures prices today fell below $60/bl for the first time since 8 February 2021.
The June contract hit an intra-day low of $59.77/bl at around 10:20 GMT, lower by 4.8pc on the day. The front-month has not settled below $60/bl on any trading day since 5 February, 2021.
Accumulated losses in the futures contract are now more than $15/bl, or more than 20pc, since a combination of broad US tariffs and a surprise acceleration of Opec+ output return on 3 April ended around a month of consistent price gains.
US tariffs on imports from a range of key trading partners take effect today. A 10pc baseline tariff on imports from nearly every foreign country already went into effect on 5 April.
