On April 4, global oil prices took a nosedive, dropping approximately 7%.
After U.S. President Donald Trump announced new tariffs on April 2, China responded with retaliatory measures on April 3, and the European Union (EU) prepared for countermeasures. This escalating trade tension has stoked concerns of a global economic slowdown and reduced oil demand, causing a sharp drop in oil prices.
Adding to the downward pressure, OPEC+ pledged to increase oil production.
Brent crude, the global oil benchmark, saw its May delivery price plummet by $4.56 (6.5%) to $65.58 per barrel.
Meanwhile, West Texas Intermediate (WTI), the U.S. oil benchmark, closed at $61.99 per barrel for April delivery, a steep drop of $4.96 (7.4%).
During trading, Brent and WTI hit lows of $64.03 and $60.45 per barrel, respectively, reaching their lowest levels in four years.
International oil prices recorded a weekly drop of nearly 11%.
Brent crude tumbled 10.9%, while WTI fell 10.6%, representing their largest drops in 18 months and two years, respectively.
