The global oil market on Friday saw prices hit its lowest number since 2021, with Brent crude oil being down nearly 6% at the end of trading.

The oil prices come as the stock market also recoils over President Donald Trump's new tariffs on all imports into the U.S., which also included 25% tariffs on countries that import oil and gas from Venezuela and then trade with the United States. 

The drop in prices also comes after the OPEC Plus oil cartel led by Saudi Arabia announced its own increase in oil output, which would take place in May, according to the New York Times. 

The combination of the tariffs and the Saudi-led response dropped Brent crude oil prices down to just $65.58 a barrel, the New York Times also reported. It was at $74 a barrel on Monday.

China retaliated against the U.S. tariffs on Friday by promising to impose 34% tariffs on the country. 

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.