Oil prices crashed by as much as 30% after Saudi Arabia fired the first shots in a price war, in crude’s biggest one-day fall since the early 1990s Gulf war.

Riyadh’s threat to discount its crude and raise production prompted the price of brent crude, the international oil marker, to fall to as low as $31.02 per barrel. West Texas Intermediate, the US benchmark, fell to $27.71 a barrel.

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