Global Oil Prices Drop Below $60 Per Barrel, Hitting Lowest Level Since 2021

Global oil prices have dropped below $60 per barrel, reaching their lowest point since 2021. According to international media, oil prices have been consistently decreasing in recent days, with a notable drop of over 3% recorded today in the global market.

Brent crude futures dropped by 3.5%, settling at $63.30 per barrel, while U.S. crude futures saw a 3.6% decline, marking the first time since 2021 that U.S. crude has fallen to $56.70 per barrel. On Sunday night, U.S. West Texas Intermediate (WTI) crude futures fell more than 3%, dropping to $59.78 per barrel. This decrease follows a consecutive 6% drop last week, with WTI now at its lowest since April 2021.

This decline comes after the imposition of tariffs by former U.S. President Donald Trump on multiple countries, which has caused the price of both Brent crude and U.S. crude oil to fall by $12 per barrel.

Experts have expressed concerns that the tariffs may lead to price increases for businesses, potentially slowing down economic activity and ultimately reducing oil demand. According to JPMorgan, the tariffs announced by the U.S. President this week could push the U.S. and possibly the global economy into a recession this year. Following the tariff rollout, JPMorgan raised its recession probability forecast from 40% to 60%.

The ongoing gradual decline in oil prices in the global market is expected to have an impact on petroleum product prices in Pakistan, potentially leading to a decrease in local fuel prices. However, Pakistani consumers have yet to benefit from these reductions. Despite a slight reduction of one rupee in petroleum product prices announced on March 28, 2025, for the Eid al-Fitr period, it is still expected that a price drop of up to 14 rupees per liter could occur in the near future.