Crude Oil Prices Take a Dive Amid Escalating Trade Tensions

In a dramatic turn of events, crude oil prices experienced a sharp decline, dropping over 8% this Friday. This significant drop comes in the wake of China's announcement of new tariffs on US goods, marking a bold move in the ongoing global trade war. The conflict was reignited earlier this week by US President Donald Trump's aggressive protectionist policies.

OPEC+ and Market Reactions

The situation worsened as OPEC+ decided to accelerate its plan to increase production starting in May. Adding to the market's unease, Goldman Sachs revised its 2025 oil price forecasts downward, pointing to increased recession risks and supply pressures amidst the deteriorating trade environment.

Current Market Status

As of 8:21 am ET, West Texas Intermediate crude oil was down by 8.27%, trading at $62 a barrel, while Brent crude saw a 7.53% decrease, settling at $65.3. Both benchmarks are heading towards their lowest closing figures since April 2021.