Dhaka, April 6 -- Oil prices plunged 7% on Friday to settle at their lowest in over three years as China ramped up tariffs on U.S. goods, escalating a trade war that has led investors to price in a higher probability of recession.

China, the world's top oil importer, announced it will impose additional tariffs of 34% on all U.S. goods from April 10. Nations around the world have readied retaliation after Trump raised tariff to their highest in more than a century.

Summary

* Brent closes at lowest since August 2021

* Oil posts biggest weekly decline since 2023

* China announces retaliatory tariffs on US

* OPEC+ unexpectedly speeds up oil output hikes

* Russian court rules not to suspend Caspian pipeline export terminal

And that add...