Oil prices experienced a substantial loss, the largest since October, due to U.S. tariffs on Canada and Mexico, signals of comfortable supply levels, and OPEC+'s planned production cut rollback.

Crude oil futures tumbled to trade near their lowest levels in years on Wednesday as jitters about U.S. tariffs and a surprising production hike from OPEC+ rattled commodities markets.

The international benchmark fell to its lowest point since 2021 after a decision by Saudi Arabia and other producers to pump more crude surprised the markets.

One immediate fillip for President Trump from tariffs: downward pressure on oil prices. Concerns that an escalating trade war will dent energy demand saw crude prices fall for a third session Tuesday.

Oil settled largely unchanged in choppy trade on Thursday, with global benchmark Brent closing below $70 a barrel under pressure from tariffs between the U.S., Canada, and China, and plans by OPEC+ to raise output.