As the global tariff war intensifies and concerns over an economic recession grow, international oil prices fell to their lowest level in four years on the 8th (local time).
On the same day, Brent crude oil futures for delivery in June closed at $62.82 per BARREL on the Intercontinental Exchange (ICE). This is a decline of $1.39 (−2.16%) from the previous trading day.
At the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) futures for May delivery also closed at $59.10 per BARREL, down $1.34 (−2.22%) from the previous session. It marks the first time since April 2021, at the onset of the pandemic, that WTI prices have fallen below $60.
International oil prices have fallen for four consecutive trading days since the announcement of mutual tariff imposition plans by U.S. President Donald Trump on the 2nd. The expectation that the mutual tariff measures will provoke retaliatory tariffs and subsequently lead to a global economic recession and a decrease in oil demand is applying downward pressure on oil prices.
On the same day, China stated, "If the U.S. persists, we will fight back to the end," raising tensions in the trade war. Later, White House Spokesperson Caroline Levitt noted that a total of 104% tariffs on China will take effect starting at 12:01 a.m. (Eastern Standard Time) on the 9th, causing market expectations for tariff relief to dissipate.
Meanwhile, Goldman Sachs projected that Brent and WTI prices will reach around $62 and $58 per BARREL, respectively, by the end of this year. The forecasts for the end of 2026 are set at $55 and $51, respectively.