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Cement is pumped into the space around the outside of the well casing in finishing a well
Oil rig (Jon G. Fuller/Getty Images)

Oil prices hit multiyear low as supply surge and demand fears slam energy stocks

It’s shaping up to be the worst week for oil in over two years.

Nia Warfield

Oil prices tumbled nearly 8% on Friday, touching their lowest level since 2021, as escalating trade war tensions stoked recession fears and sent investors scrambling.

Brent crude, the global benchmark, touched below $65 a barrel — on track for its weakest finish since August 2021. West Texas Intermediate (WTI), the US equivalent, dropped below $61, its lowest since April 2021.

The Energy Select Sector SPDR Fund, which tracks a basket of oil and gas giants like Exxon, Chevron, and ConocoPhillips, sank nearly 9% Friday as investors reacted to the slump. Adding to the pressure, OPEC and its allies (OPEC+) are boosting production and plan to add even more barrels to the market going forward. The group now aims to bring an additional 411,000 barrels per day to the market in May — nearly triple the original planned boost of 135,000 bpd. 

Even though oil imports were spared from President Trump’s latest tariffs, the broader economic fallout is already taking a toll. HSBC trimmed its 2025 global oil demand forecast, citing the trade tensions and OPEC’s decision, while Goldman Sachs slashed its Brent crude price target to $69 a barrel from $73, with WTI now seen averaging $66 a barrel instead of $69.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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