Oil prices dropped sharply to $65 per barrel this week after the United States imposed new import tariffs and an unexpected supply increase from OPEC+ flooded the market, wiping $10 off global benchmarks.
This followed a brief rally last week when U.S. President Donald Trump announced tariffs on countries purchasing crude oil from Venezuela, tightening supply and pushing prices higher.
Oil prices took a sharp downturn on Friday, with Brent crude dropping to $65 per barrel — its lowest level since August 2021.