The international benchmark fell to its lowest point since 2021 after a decision by Saudi Arabia and other producers to pump more crude surprised the markets.

Oil prices declined for a third day on Wednesday, as investors worried about OPEC+ plans to proceed with output increases in April, and U.S. President Donald Trump's tariffs on Canada, China and Mexico escalated trade tensions.

The 25% tariffs on Canadian and Mexican goods, and a separate 10% tariff on all other imports, may cause prices on around a quarter of all consumer spending to rise 0.81% if businesses pass along half the costs, or 1.63% if the costs are fully transferred, according to a Federal Reserve Bank of Atlanta study.