The global oil market has taken a drastic turn as prices plummeted by 13% over two days, triggered by President Trump’s tariffs and OPEC+ production boost. This sudden shift is casting doubt on the US plan to increase fossil fuel output and achieve energy dominance. The sell-off will ease energy costs in Europe but also impact Middle Eastern petrostates.
Source: https://www.bloomberg.com/news/articles/2025-04-04/oil-in-freefall-reorders-energy-landscape-from-us-to-middle-east