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Global crude oil prices have plummeted to a five-year low, with US crude oil dipping below $60 per barrel, marking the lowest level since 2021.
The ongoing downturn in the international oil market is primarily driven by the escalating tariff war between the US and China, resulting in a significant 13.5 percent decline in crude oil prices over the past three trading sessions.
On April 7, 2025, the price of London Brent crude oil fell by $2.28, reaching $63.30 per barrel, while US WTI oil also dropped by $2.20 to settle at $59.75 per barrel, the lowest point since April 2021.
This marks a continued slump in oil prices, further exacerbated by global trade tensions and weakening economic conditions.
READ: Global markets crash after trump tariffs, billions wiped out
Experts predict that the trade conflict will have long-term economic repercussions, including a potential further decline in oil prices, with forecasts suggesting US oil could fall to $50 to $55 per barrel in the near future.
The sharp decrease in oil prices follows a 7 percent drop on Friday, triggered by China’s decision to increase tariffs on American goods, intensifying the trade war.
Since the US imposed tariffs on various countries under President Donald Trump’s administration, both Brent and US crude oil prices have dropped by $12 per barrel, highlighting the significant impact of geopolitical tensions on global energy markets.
