Oil prices hit a four-year low on Wednesday, dropping to around $58 per barrel as uncertainty over a global trade war continues to rattle energy markets and the wider economy. However, President Donald Trump’s announcement later in the day of a 90-day pause on most tariffs, but not those on China, sparked a slight rebound and has provided some hope for a price recovery.

What happened: Trump announced on his social media network Truth Social at 1:18 p.m. ET that he authorized “a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” as well as an increase of tariffs on China to 125%.

Treasury Secretary Scott Bessent clarified to reporters following the announcement that the “reciprocal tariffs” Trump announced last week would be suspended for the 90-day period, but that a baseline 10% tariff on exports to the United States remains in place, plus the 125% tariff on China. Trump said more than 75 countries have reached out to negotiate trade following his imposition of the tariffs last week.

The price of Brent crude futures, the benchmark for around three-quarters of the world’s internationally traded crude oil, rose from $60.45 shortly before Trump’s announcement to $65.89 as of 3:45 p.m.