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 swooned on Wednesday as economic uncertainty rippled through global markets, a reaction to President Trump’s tariffs on Canada, China and Mexico and a decision by members of the OPEC Plus oil cartel to begin increasing crude production in April.

Since last year, OPEC Plus has signaled its intention to pump more oil, but doing so now in the midst of turbulence from a trade war between the United States and various partners surprised some analysts.

“Analysts were thinking they would surely defer the increases given the macroeconomic threat from tariffs,” said David Fyfe, chief economist of Argus Media, a London commodities research firm.

On Wednesday, prices for Brent crude futures, the international benchmark, plummeted about 3.6 percent to $68.50 a barrel, the lowest since 2021. West

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