Markets were stunned when OPEC+ when chose not only to go ahead with its plans to raise oil production, but also to nearly triple the expected increase figure.

Oil prices experienced a sharp decline this week due to the announcement of U.S. tariffs on trade partners and OPEC+'s decision to significantly increase production, raising concerns about weakened demand and oversupply.

Oil prices have sold off heavily as the market deals with a potential demand hit from tariffs and a surprise supply increase from OPEC+.