Global oil prices plunged in the biggest one-day drop since April last year after a new variant of Covid-19 raised fears in the market of renewed global travel restrictions.
The price of Brent crude dropped by $8.77, or 10.7%, to $73.45 a barrel on Friday afternoon after countries across Europe and Asia brought in immediate travel restrictions to guard against the spread of the Omicron variant.
Photo source: picture from an open source