As crude oil prices have fallen below $68 per barrel again, amid uncertainties regarding supply and demand, global uncertainty in the oil market has continued. This situation is still exerting pressure on Nigeria’s fiscal targets.Reports indicate that the markets are preparing for President Donald Trump’s US tariffs to come into effect, with ratings agencies predicting that the global economy will fall short of expectations. Additionally, ongoing geopolitical tensions have kept sentiment low as the OPEC+ group planned to supply despite a weak demand outlook in China. Brent crude, the international benchmark, decreased by approximately 0.5% to $67.99 per barrel, having dropped from $68.35 at the end of the previous session
The US benchmark West Texas Intermediate (WTI) crude oil price fell by 0.6% to $65.26 per barrel, down from $65.65 in the previous session.
Amid growing worries about the economic repercussions of the move, oil prices dropped before US tariffs were scheduled to go into effect on August 1.
Analysts caution that the Trump administration could implement even more aggressive trade measures, intensifying perceptions of market risk.
Meanwhile, sentiment continues to be affected by geopolitical tensions. Trump backed the U.S. airstrikes on three Iranian nuclear sites carried out last month, cautioning Tehran that Washington would carry out another strike “if necessary.”
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