As others have noted, it's both. However, to the point of how dramatic the price war impact has been.... The day the oil war began, Brent dropped from $50 to $

As others have noted, it's both. However, to the point of how dramatic the price war impact has been.... The day the oil war began, Brent dropped from $50 to $31 in two trading days, the greatest rapid decline in many decades. The 24% drop at that time was the greatest one day decline since 1991.