Oil prices on the New York commodity exchange are falling after China imposed tariffs on American goods, including oil and liquefied natural gas. In addition to concerns about a trade war, investors are also worried about U.

Oil on Tuesday traded in a wide range, with WTI falling at one point by 3%, its lowest since Dec. 31, after China announced tariffs on U.S. imports of oil, liquefied natural gas and coal in retaliation to U.S. levies on Chinese exports.

Oil prices on the New York commodity exchange are dropping after China imposed tariffs on American goods, including oil and liquefied natural gas. Brokers report that investors are also worried about US sanctions on Iran.

U.S. President Donald Trumpon Tuesday restored his "maximum pressure" campaign on Iran that includes efforts to drive its oil exports down to zero in order to stop Tehran from obtaining a nuclear weapon.

Trump signed a presidential memorandum reinstating the campaign but said he would reach out to Iran to negotiate a deal