Overview

• Oil prices plunged over 7% on April 3, with Brent crude trading below $70 per barrel and WTI at approximately $66 per barrel.
• President Donald Trump announced a 10% baseline tariff on most imports, sparking concerns of a global trade war and potential economic stagnation.
• OPEC+ surprised markets by announcing a production increase of 411,000 barrels per day starting in May, tripling the originally planned increment.
• The combination of tariffs and increased oil supply has raised fears of reduced global energy demand and heightened market volatility.
• Major oil producers, including Chevron and BP, saw significant stock price declines, with some independent energy companies experiencing losses exceeding 10%.