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Oil prices extended their downward trend on Tuesday with Brent crude dropping 1.5% to $70.53 and WTI falling 1.3% to $67.51.
This decline comes as OPEC+ surprised markets by proceeding with its first output increase since 2022, adding 138,000 barrels per day in April.
Simultaneously, new U.S. tariffs took effect on imports from Canada, Mexico, and China, with China quickly retaliating through increased levies on American agricultural products.
Market analysts also point to President Trump’s pause on Ukraine military aid as a significant factor, with speculation that this signals potential sanctions relief for Russia that could bring more oil to market.
Analysts describe the situation as “a perfect storm for crude oil,” with concerns about reduced global demand due to trade tensions compounding the effects of increased supply.
