OIL PRICES SLIDE OVER 3% AMID GROWING RECESSION FEARS

|By Adejumo Adekunle-

-Brent, WTI hit 3-year lows as trade tensions escalate
-China’s fresh tariffs trigger investor jitters, deepen market slump

Oil prices nosedived by more than 3 per cent on Monday, extending last week’s steep losses, as global markets buckled under the weight of escalating trade tensions between the United States and China.

At 10:27 GMT, Brent crude futures had shed $2.10, or 3.2 per cent, to trade at $63.48 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped $2.14, or 3.5 per cent, to $59.85, according to Reuters.

Both crude benchmarks had already plunged 7 per cent on Friday, marking their lowest levels in more than three years. The latest slump follows China’s decision to slap additional tariffs on American goods, in direct retaliation to U.S. President Donald Trump’s earlier tariffs—a move that threatens to intensify the already-heated trade war.

The tit-for-tat tariff measures have rattled investors, stoking fears of a global economic slowdown. Analysts warn that weakening oil demand could be imminent if the trade standoff continues unchecked.

A breakdown by DAILY POST revealed that China swiftly responded to Washington’s actions by imposing fresh levies of up to 34 per cent on U.S. imports. The development sent shockwaves through global markets, confirming fears that the world may be hurtling toward a full-scale trade war.

Investment giant JPMorgan added fuel to the fire by revising its global recession forecast, now projecting a 60 per cent likelihood of an economic downturn before the end of the year—up from 40 per cent in its earlier estimate.

As the U.S.–China spat deepens, energy markets remain on edge, with crude prices likely to face continued volatility.