Trump's Tariffs Trigger Biggest Oil Price Drop Since 2021

Oil prices plunged this week as a one-two punch of sweeping U.S. import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks. Friday, April 04, 2025 The combined effect of Donald Trump’s import tariffs, OPEC+’s inopportune decision to speed up the unwinding of production cuts and China’s retaliatory actions have wiped off $10 per barrel from global oil prices, with ICE Brent falling below $65 per barrel for the first time since August 2021. Seeing backwardation barely change compared to the…