Oil plunges to lowest since pandemic; natural gas, soy slump as China retaliates

Oil firms cut gasoline, kerosene prices

Gasoline and kerosene prices are set to fall Tuesday, April 8, as the US imposed large tariffs on products from many countries, including the Philippines.

The barrel of Brent crude for delivery in June plummeted by 6.5 percent this Friday, to reach $65.58 at the close of the session in London's futures market, after China's retaliation for the charges imposed by the United States.The North Sea crude, of reference in Europe, was at its lowest daily levels since April 2021, after yielding $4.56 compared to the last negotiation in the Intercontinental Exchange (ICE), when it ended at $70.14.

Oil prices were sinking even further on Friday, diving to the lowest level since 2021.

Oil Plunges to Lowest Since Pandemic; Natural Gas, Soy Slump as China Retaliates

Oil plunges to lowest since pandemic; natural gas, soy slump as China retaliates

Oil prices plunged on Friday to the lowest level since 2021 and commodities including natural gas and soybeans also dived as China retaliated against U.S. President Donald Trump's aggressive tariffs.

Trump's Tariffs Trigger Biggest Oil Price Drop Since 2021

Oil prices plunged this week as a one-two punch of sweeping U.S. import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks. Friday, April 04, 2025 The combined effect of Donald Trump’s import tariffs, OPEC+’s inopportune decision to speed up the unwinding of production cuts and China’s retaliatory actions have wiped off $10 per barrel from global oil prices, with ICE Brent falling below $65 per barrel for th…