The US-China tariff war sends global oil prices fall to the lowest in 4 years

The ongoing tariff war between the United States and China has increased, sending global crude oil prices falling six percent on Wednesday, April 9, 2025.

US President Donald Trump on Wednesday, April 9, 2025, confirmed a 104 percent tariff for Chinese imports while in Tit-For-Tat, China slamming 84 percent on US items which will be valid on April 10, 2025.

Data Oilprice.com shows that the West Texas Intermediate (WTI) crude oil dropped around $ 4.01, or 6.7 percent, to $ 56.06 per barrel, while Brent fell to $ 59.33 per barrel at the time of submitting this report.

This decline is the lowest reduction in crude oil prices since February 2021.

The tariff war between the US and China has triggered concerns among traders, worrying that the world might come down into a full trade war that will trigger recession, regarding the demand for crude oil.

Remember that oil -producing countries, OPEC+, recently agreed to speed up output in May, which will bring more oil to the market that has faced a surplus.

By Babajide Okeowo

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