The plunge in oil prices over the past two days following the twin shocks of President Donald Trump’s tariffs and the surprise boost in production from OPEC+ has altered the global energy landscape with stunning speed.
Brent crude, the global benchmark, tumbled 13% through Thursday and Friday to just over $66 a barrel, casting new doubts on Trump’s quest to aggressively boost US fossil fuel output and achieve “energy dominance.” Across the Atlantic, the sell-off is poised to ease soaring energy costs in Europe but also squeeze Middle Eastern petrostates.
Already the oil market is tossing aside expectations for 2025. ...
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