Azernews.Az

Oil prices have plunged to their lowest point in over four years, driven by growing fears of a global trade war and an oversupply in the market. The steep decline follows U.S. President Donald Trump’s announcement of new tariffs on most imports, which has shaken confidence in global economic stability and future fuel demand. On Wednesday, Brent futures dropped by $2.38 (3.79%) to $60.44 per barrel by 08:23 Baku time, while U.S. WTI futures fell by $2.46 (4.13%) to $57.12. These figures mark the lowest levels for both benchmarks since February 2021. Brent’s six-month spread also narrowed sharply to 79 cents, its lowest since mid-November, signaling an oversupplied market and lower expectations for Chinese demand recovery. In just the past week, Brent crude lost 20% of its value, and 31% over the last three months. Given that oil remains Azerbaijan’s top export, the sudden slump raises a critical question: Could this pose a serious threat to the country's economy?

Access to paid information is limited

Find the plan that suits you best.