Oil prices hit lowest since 2021 as tariffs, OPEC output weigh
by ChemOrbis Editorial Team - content@chemorbis.com
Oil prices were set to close Friday at their lowest level since the COVID-19 pandemic in 2021, pressured by new US tariffs announced by President Donald Trump and increased May output from OPEC. Prices plunged by 7% on Thursday, marking their steepest percentage drop since 2022.
Trump announced that he would impose at least a 10% tariff on all exporters to the US on April 2. Although oil, gas, and refined products were exempt, the broader policies risked stoking inflation and slowing economic growth, adding to downward pressure on prices.
Crude benchmarks tumbled further on Friday after China imposed an additional 34% tariff on all US imports starting April 10, escalating global trade tensions. At the time of writing, Brent futures plunged by $5.33/bbl to $64.81/bbl, while WTI (NYMEX) slumped by $5.55/bbl to $61.40/bbl.
Additionally, Goldman Sachs slashed its December 2025 forecasts for Brent and WTI by $5 to $66/bbl and $62/bbl, respectively, warning that recession risks and higher OPEC supply could drive prices even lower in 2026.
Trump announced that he would impose at least a 10% tariff on all exporters to the US on April 2. Although oil, gas, and refined products were exempt, the broader policies risked stoking inflation and slowing economic growth, adding to downward pressure on prices.
Crude benchmarks tumbled further on Friday after China imposed an additional 34% tariff on all US imports starting April 10, escalating global trade tensions. At the time of writing, Brent futures plunged by $5.33/bbl to $64.81/bbl, while WTI (NYMEX) slumped by $5.55/bbl to $61.40/bbl.
Additionally, Goldman Sachs slashed its December 2025 forecasts for Brent and WTI by $5 to $66/bbl and $62/bbl, respectively, warning that recession risks and higher OPEC supply could drive prices even lower in 2026.
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