Oil prices, including both WTI and Brent crude, fell by over 2% due to lingering concerns over the trade war between the United States and China and its potential impact on the global economy.

The trade tensions escalated after China sanctioned five U.S. subsidiaries of South Korean shipbuilder Hanwha Ocean, citing their support for U.S. probes against Chinese maritime sectors.

These renewed tensions, coupled with an expected record glut in the oil markets, are adding to concerns about global oil demand and could lead to further price declines.

As of yesterday, Brent Crude was trading below the $62 a barrel mark, and was down by 2.02% at $62.04.

It rose to $62.54 yesterday’s evening amidst uncertainty in the market.

Another report indicated that Brent dropped more than 6% so far in October, deepening year-to-date decline to over 17% in 2025.

Oil, which began the year around $74 per barrel, now struggles at $62 as it tries to hold above the $60 mark.

The current trend worsens the headache for Nigeria as it struggles to meet fiscal projections amidst the declining oil prices.

From $81 per barrel early in the year, the crude price has suffered steady decline, making the country’s projection of $75 per barrel for the current fiscal year unrealistic.