In early April 2025, two nearly concurrent events rippled through global oil markets. On April 2, the U.S. administration announced sweeping tariff measures targeting its major trading partners, injecting a fresh wave of macroeconomic uncertainty into the global economy. Just one day later, on April 3, OPEC+ unveiled an accelerated agenda to unwind voluntary production cuts, reshaping expectations for future oil supply. The combination of a demand-side, tariff-induced shock and a supply-side adjustment drove Brent futures down from $74.95 to $70.14 on April 3.
