The prices of oil futures plunged on Wednesday as traders remained wary of investing amid United States President Donald Trump's tariffs on other countries and specific imports despite the continued turmoil in the Middle East.

West Texas Intermediate (WTI) for May's deliveries plunged by 3.83% at 10:46 am ET to sell for $57.38 per barrel. Meanwhile, Brent for June's settlements sank by 3.58% to go for $60.62 per barrel.