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

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 majors saw their stocks nosedive Thursday and Friday as the one-two punch of US President Donald Trump’s sweeping tariffs and Opec+ production increases punished global markets and sent benchmark crude prices to their lowest levels in years.