Brent Crude Oil Falls to $68.95 per Barrel Amid Tariff Concerns and OPEC+ Production Increase

Brent crude oil prices fell to $68.95 per barrel in international markets, marking a 0.33% decline from the previous day’s close of $69.18. West Texas Intermediate (WTI) crude also saw a drop, trading at $66.77 per barrel.

The decline in oil prices was driven by two key factors: U.S. President Donald Trump’s announcement of new tariffs on 14 countries and the decision by OPEC+ to increase oil production.

Trump revealed that starting August 1, Japan and South Korea will face a 25% tariff on all products exported to the U.S., in addition to existing sectoral tariffs. He also warned that goods rerouted through other countries to avoid higher tariffs would face even steeper charges.

The tariffs for other countries include:

• Malaysia, Kazakhstan, and Tunisia: 25%
• South Africa and Bosnia and Herzegovina: 30%
• Indonesia: 32%
• Bangladesh and Serbia: 35%
• Cambodia and Thailand: 36%
• Laos and Myanmar: 40%

Trump also signed an executive order extending the tariff deferral period to August 1.

Meanwhile, eight OPEC+ members, including Saudi Arabia, Russia, Iraq, and the UAE, announced a decision to increase oil production by 548,000 barrels per day (bpd) in August. This follows earlier production hikes of 138,000 bpd in April and 411,000 bpd in May, June, and July. The gradual easing of production cuts, which had been at 2.2 million bpd, has raised concerns about a potential oversupply in the market, further pressuring prices.

Technically, Brent crude is seen with resistance at $76.96 and support at $63.07. Brent crude oil prices fell to $68.95 per barrel as concerns over U.S. tariffs and OPEC+ production increases weighed on the market. President Trump announced new tariffs on 14 countries, while OPEC+ members decided to increase oil production, raising fears of oversupply.