Oil prices plunged to a four-year low as U.S. President Donald Trump's sweeping tariffs on nearly 100 nations kick in. Brent crude fell 2.3% to $61.35 a barrel, while WTI was down 2.4% to $58.13 a barrel—their lowest level since February 2021.

Oil prices fell for a fifth day on Wednesday to their lowest since February 2021 after U.S. President Donald Trump's "reciprocal" tariffs took effect, including a 104% duty on Chinese goods, intensifying a global trade war.

U.S. stocks are giving back some of their historic gains from the day before as Wall Street weighs a global trade war that has cooled in temperature but is still threatening the economy