Oil prices have experienced a downward trend since late June 2025, influenced by multiple factors including expectations of increased supply from OPEC+ and escalating trade tensions between the United States and China. Early reports indicated that oil prices fell on the prospect of more OPEC+ supply and easing geopolitical risks in the Middle East. However, as the US tariff deadline approached, concerns over potential trade disruptions intensified, contributing to further declines in oil prices. Market sentiment was affected by uncertainty surrounding US tariffs and the impact on global fuel demand. Despite some periods of price stabilization linked to optimism in trade talks, oil prices remained pressured by fears of oversupply, including potential increases in Venezuelan oil exports following a relaxation of US sanctions under the Trump administration. By late July, crude oil settled near a three-week low amid ongoing economic concerns and trade policy uncertainties. Additional factors noted in the market include Russia blocking CPC loadings, ExxonMobil’s interest in Trinidad, BP nearing the sale of Castrol, and record highs in US copper prices, reflecting broader commodity market dynamics.