Oil prices have experienced volatility in recent weeks influenced by geopolitical developments, OPEC+ supply prospects, and evolving U.S. trade negotiations. Initially, oil prices declined due to expectations of increased OPEC+ supply and easing tensions in the Middle East. However, prices later rose amid attacks in the Red Sea, concerns over copper tariffs, and reduced U.S. production. Trade tensions, particularly surrounding the looming August 1 tariff deadline imposed by former President Donald Trump, contributed to further fluctuations. Despite setbacks in key trade talks, optimism returned following the announcement of new trade agreements between the U.S. and Asian countries, including Japan and the Philippines. These agreements, along with stronger U.S. gasoline demand and inventory draws signaling increased consumption, supported a rebound in oil prices. As of late July 2025, West Texas Intermediate (WTI) crude oil rose to $65.63 per barrel, while Brent crude approached $69 per barrel, although Brent remains down 8% year-to-date. Market analysts highlight ongoing uncertainty due to a potential supply glut expected in late 2025 and the impact of the tariff deadline, resulting in a likely seesaw pattern in prices in the near term. Treasury Secretary Bessent's upcoming trade discussions with China are also being closely watched for their potential influence on oil markets.