Oil Prices Plunge Amid US-China Trade Tensions

Russia closely monitors oil prices as tensions rise due to a trade war between the US and China. The Kremlin acknowledges the situation as significant due to a sharp drop in oil prices, with Brent and WTI suffering over 10% losses following China's tariffs on US goods.

Oil prices have become a critical focal point for Russia, with the nation's economic authorities closely monitoring the fluctuating scenario. A Kremlin spokesperson labeled the situation as "very tense" amid ongoing global economic strains.

The recent nosedive of oil prices was triggered by a significant 7% slump last Friday, following China's increased tariffs on American goods. This development has intensified the trade war between the United States and China, fostering a climate of uncertainty among investors and raising fears of a potential recession.

Both Brent and WTI crude oil suffered considerable losses last week, declining by 10.9% and 10.6% respectively. The steep drops underscore the precarious nature of global economic interrelations and highlight the sensitivities of commodity markets to geopolitical events.

(With inputs from agencies.)