Oil prices have suffered a historic collapse overnight, after Saudi Arabia launched a price war against Russia.
US oil prices crashed as much as 34% to a four-year low of $27.34 a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market share.
According to CNN, that's the biggest drop since 1991.
The shock to oil also rattled stock markets, which were already in crisis because of the novel coronavirus outbreak.
