Brent crude oil prices plunged nearly 4% on Friday, October 10, 2025
Brent crude oil prices plunged nearly 4% on Friday, October 10, 2025, hitting their lowest level since early May amid a trade war between the United States and China.
Brent futures settled at $62.73 per barrel, down 3.82% on the day, extending a month-long slide that has seen prices drop 5.48%. Compared to the same period in 2024, Brent is down more than 20%, according to data from contracts for difference (CFD) tracking the global benchmark.
The sharp decline followed remarks from US President Donald Trump, who threatened a “massive increase” in tariffs on Chinese goods and suggested he might cancel his upcoming meeting with Chinese President Xi Jinping.
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The renewed trade friction has deepened investor anxiety over global energy demand, which had already been under pressure from slowing industrial activity in key markets.
Analysts warn that the trade standoff could delay recovery in global oil consumption, particularly in Asia, the world’s largest oil-importing region.
“The market is responding not just to headlines, but to the growing realisation that demand growth could stay weak well into next year,” said one commodities strategist.
Adding to the bearish mood, global oil supplies continue to rise, with higher production reported from both OPEC+ and non-OPEC producers. The increase has offset earlier supply concerns stemming from geopolitical risks in the Middle East.
Meanwhile, reports of progress toward a ceasefire in Gaza have further eased geopolitical risk premiums that had buoyed prices earlier in the quarter.
Brent crude reached a record high of $147.50 per barrel back in July 2008, underscoring how far prices have fallen amid a shifting energy landscape dominated by slowing demand, rising output, and geopolitical uncertainty.
SP/MA
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