Oil tanks 7% amid ‘panic selling’ as Trump tariffs, OPEC+ supply increases send prices reeling

Oil futures tanked more than 7% on Thursday morning as Trump’s tariffs sent financial markets reeling and new global supply developments suggested balance in the global oil market would remain under pressure. Near 11 a.m. ET on Thursday, the price of West Texas Intermediate (CL=F) crude oil, the US benchmark, fell over 7.5% to trade near $66.10 per barrel. Brent (BZ=F) crude oil, the international benchmark, was down over 7% to trade below $70 a barrel. “The panic selling that’s occurring is very likely an over-exaggeration of the true fundamentals. Near term however there’s a lot of unknowns so you’re…