Oil prices have experienced fluctuations in recent weeks amid a complex interplay of factors including expectations of increased OPEC+ oil production, uncertainty surrounding US tariffs, and geopolitical developments. Early July saw oil prices ease as markets anticipated a rise in OPEC+ output and expressed concerns over US tariff policies, which raised demand uncertainty. This trend continued into mid-July, with traders assessing the impact of US tariffs and OPEC+ production strategies, leading to a general retreat in prices. However, by late July, oil prices rallied by approximately 2% following the announcement of a US-European Union trade deal and optimism over a potential extension of the US-China tariff truce. Additional upward pressure came from US President Donald Trump's shorter deadline for Russia and increased US pressure on Russian oil supplies. Despite this rally, oil prices showed volatility as markets weighed the risks associated with Trump's tariff threats and the looming August 1 trade tariff deadline. By early August, oil prices steadied as investors balanced concerns about the impact of US tariffs against threats to Russian oil supply. Overall, the oil market remains sensitive to trade policy developments, OPEC+ production decisions, and geopolitical tensions involving Russia and major global economies.