Oil Prices Drop to $65 Amid Rising Tariffs and OPEC+ Output Increase

Oil Prices Drop to $65 Amid Rising Tariffs and OPEC+ Output Increase

Brent crude oil, the global benchmark, plummeted by 7 percent on Friday, falling to $65.58 per barrel, marking its lowest level since April 2021. 

Similarly, US West Texas Intermediate (WTI) dropped by 7.35 percent to $62.03 per barrel.

Reuters reports that the sharp decline in oil prices was largely driven by escalating trade tensions, particularly after China imposed new tariffs on US goods in response to sweeping import tariffs introduced by President Donald Trump. 

Among the affected imports was a 14 percent levy on Nigerian goods.

Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has cautioned that the US tariff policy could severely impact global trade and economic growth.