Business
US-China tariff war sends global oil prices tumbling to lowest in 4 years
The ongoing tariff war between the United States and China has escalated, sending global crude prices tumbling by six percent on Wednesday, April 9, 2025.
US President Donald Trump on Wednesday, April 9, 2025, confirmed the 104 per cent tariff on Chinese imports while in a tit-for-tat, China slammed 84 per cent on US goods which will take effect on April 10, 2025.
OilPrice.com data showed that West Texas Intermediate (WTI) crude futures slumped by around $4.01, or 6.7 per cent, to $56.06 per barrel, while Brent tumbled to $59.33 per barrel as at the time of filing this report.
READ ALSO: US tariffs have “negligible” impact on Nigeria’s exports, says Edun
The drop is the lowest crude price decline since February 2021.
The tariff war between the US and China had sparked concerns among traders, worried that the world may descend into a full-blown trade war that will trigger a recession, hitting crude oil demand.
Recall that the Organisation of Oil Producing Countries, OPEC+, recently agreed to accelerate output in May, which will bring more oil to a market that was already facing a surplus.
By Babajide Okeowo
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: In Sokoto, classrooms overtaken by goats, reptiles, as insecurity, lack of teachers, govt inaction push children out of school
SHEHU MUHAMMAD SHEHU reports on how insecurity, government inaction and lack of qualified teachers has significantly forced up the number...
INVESTIGATION: Abia residents in pains, as contractor abandons erosion control project after collecting N185m
Fresh from fashion school in 2022, Onuka Kalu planned to convert one of his father’s two shops, where he formerly...
Trump halts $50m Gaza aid, cites ‘condoms in Gaza’ claim
In a sweeping move to reassess U.S. foreign aid spending, President Donald Trump has frozen a $50 million assistance package...
INVESTIGATION: In Zamfara, forgotten Health Center throws community into health crisis
In the late evening of Friday, September 14, 2024, shortly after the Maghrib prayer, Bashir Muhammad, a 34-year-old father of...
INVESTIGATION: Insufficient teachers, learning materials worsen education access in Kwara communities
Qudus, a Junior Secondary School (JSS 2) pupil, would sit the Basic Education Certificate Examination (BECE) in a year to...