Oil Falls to 7-Month Low

2025-10-10 15:50 By Agna Gabriel 1 min. read

WTI crude oil futures fell over 3.5% to $59.40 a barrel on Friday, the lowest since May 8, as easing Middle East tensions and a looming global supply surplus weighed on the market.

Israel approved a framework for Hamas to release hostages in exchange for prisoners, marking a major step toward a peace deal in Gaza, a region that produces about a third of the world’s crude.

Meanwhile, markets anticipate a supply surplus driven by rising output both within and outside OPEC+, which recently increased production quotas to reclaim market share.

Additionally, President Donald Trump’s threat of a “massive increase” in tariffs on Chinese goods rekindled trade war concerns.

Prices were partially supported by US sanctions on a crude-import terminal and a private Chinese refinery involved in Iranian oil trade, while China retaliated by imposing port fees on American ships, potentially boosting freight costs.



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