Crude oil prices slumped Friday, extending weekly losses as traders weighed easing geopolitical risks against renewed fears of slowing demand and rising inventories. West Texas Intermediate (WTI) fell 4.24% to $58.90 per barrel, while Brent crude dropped 3.82% to $62.73, marking their lowest levels in nearly three months.
The selloff followed signs of progress toward a ceasefire between Israel and Hamas, which helped cool Middle East tensions that had propped up prices earlier in the week. However, the relief rally was short-lived after U.S. President Donald Trump threatened to impose sweeping new tariffs on Chinese goods, reviving concerns about global growth and energy consumption.
