Crude oil prices plunged over 8% on Friday after China announced sweeping new tariffs on US goods. This escalated the global trade war ignited by US President Donald Trump’s aggressive protectionist policies earlier this week. The selloff deepened after OPEC+ advanced its plan to boost production in May. Goldman Sachs cut its 2025 oil price forecasts, citing heightened recession risks and increased supply pressures in a worsening trade environment. As of 8:21 am ET, West Texas Intermediate crude oil was down 8.27% at $62 a barrel, while Brent crude fell 7.53% to $65.3. Both are on track for their lowest close since April 2021.