China announced that it would impose an additional tariff of 34% on all US goods from April 10. Countries around the world have taken revenge after raising tariff obstacles more than a century, causing the world’s financial markets to sink.
Brent Futures dive by 1254 GMT by $ 5.30, or 7.6%. US West Texas Intermediate Crude Futures .4 5.47, or 8.2%, .4 lost to 61.48.
Both benchmarks were for their biggest weekly loss in terms of percentage of more than two years.
“China’s aggressive defendants, but confirm that we are heading to the global trade war,” said Ole Hensen, head of Saxo Bank’s commodity strategy, but confirm that we are heading to the Global Trade War; a war with no winners and the demand for economic growth and major goods such as crude oil and refined products.
Fueling the oil cell-off was the decision to advance the plans to grow output (BPD) in May, with a target of rewarding 411,000 barrels (BPDs) in May, collectively known as Petroleum-exporting countries and its allies, known as OPEC+.
Fueling the oil cell-off was the decision to advance the plans to grow output (BPD) in May, with a target of rewarding 411,000 barrels (BPDs) in May, collectively known as Petroleum-exporting countries and its allies, known as OPEC+.
“Time is clearly surprising,” said Evans.
Imports of oil, gas and pure products were exempted from Trump’s new tariffs, but policies can exacerbate trade disputes over inflation, slow economic growth and oil prices.
Goldum SACH SSC analysts responded to the December 2025 targets for Brent and WTI with sharp cuts by $ 5 and $ 62 to $ 5 and $ 62, respectively.
“The risks of our oil price forecasts, the increasing risk of recession, and the rising risks of high OPEC+ supply, especially for 2026, are towards loss,” the bank’s oil research head donation Struveen said in a note.
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