Muscat: Oil prices today declined due to concerns the escalating trade war between the United States and China would weaken global economic growth and undermine fuel demand. Brent crude futures were down 29 cents, or 0.45%, at $64.47 a barrel. US West Texas Intermediate (WTI) crude futures declined by 27 cents, or 0.44%, to $61.23 per barrel.

According to Oman News Agency, both crude benchmarks have lost about $10 a barrel since the start of the month as a trade war between the world's two largest economies intensifies. US bank Goldman Sachs expects Brent crude to average $63 per barrel, while WTI is projected to average $59 per barrel for the remainder of this year. For 2026, Brent is expected to average $58 per barrel and WTI $55 per barrel.

Beijing raised its tariffs on US imports to 125% last Friday in response to US President Donald Trump's decision to increase tariffs on Chinese goods, in an escalation of a trade war that threatens to disrupt global supply chains.