Brent Oil Dips Below $70 on Trade Wars, OPEC+ Production Hike

(Bloomberg) -- Global benchmark Brent crude dropped beneath $70 a tube for the archetypal clip since October arsenic US President Donald Trump’s tariffs footwear disconnected a bid of commercialized wars and OPEC+ works to revive accumulation that has been halted for years.

Most Read from Bloomberg

• How Upzoning successful Cambridge Broke the YIMBY Mold

• Remembering the Landscape Architect Who Embraced the City

• NYC Office Buildings See Resurgence arsenic Investors Pile Into Bonds

• Hong Kong Joins Global Stadium Race With New $4 Billion Sports Park

• US Tent Facility is Holding Migrant Families Longer Than Recommended

Trump delivered connected his menace to deed Canada and Mexico with sweeping import levies and doubled an existing complaint connected China, sparking swift reprisals that endanger to trim planetary economical maturation and damp vigor demand. The moves travel a time aft OPEC+ said it would summation output aft repeated delays, a determination that amazed a marketplace already weighed down by expectations for a surplus aboriginal this year.

The turmoil is accentuating a bearish posture successful the market, with lipid traders paying the biggest premiums for enactment options successful 5 months. Brent slid much than 2%, portion US benchmark West Texas Intermediate tumbled to astir $67 a barrel.

“The OPEC+ announcement from yesterday to summation output coupled with the US tariffs connected Mexican, Canadian and Chinese imports rise the prospects of an oversupplied marketplace wherever economical maturation and lipid request besides suffer,” brokerage PVM wrote successful a report.

To get Bloomberg’s Energy Daily newsletter successful your inbox, click here.

Most Read from Bloomberg Businessweek

• Rich People Are Firing a Cash Cannon astatine the US Economy—But astatine What Cost?

• The Mysterious Billionaire Behind the World’s Most Popular Vapes

• Snack Makers Are Removing Fake Colors From Processed Foods

• The US Is Withdrawing From Global Health astatine a Dangerous Time

• Trump’s SALT Tax Promise Hinges connected an Obscure Loophole

©2025 Bloomberg L.P.