Update: Brent Crude Oil Sees Biggest One-Day Fall In Two Years

[Editor’s note: This story was updated from a previous version posted at 7:35 CDT July 11.]

Global benchmark Brent crude oil had its biggest one-day drop in two years on July 11 as escalating U.S.-China trade tensions threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply.

Brent crude fell $5.46, or 6.9%, to settle at $73.40 a barrel. The decline was the largest one-day move on a percentage basis since Feb. 9, 2016. U.S. crude fell $3.73, or 5%, to $70.38 a barrel.

The sell-off began early in the session after Libya’s National Oil Co. (NOC) said it would reopen ports which had been closed since late June.