The Ultimate Guide to Brent Oil Prices: Tariffs, Geopolitics, and OPEC+ Meeting Analysis

As the world’s leading investment manager and financial market journalist, I bring you the most comprehensive analysis of Brent Oil prices and the factors driving its fluctuations. With potential tariffs on Russian and Iranian oil supporting prices, while trade war fears and increased OPEC+ production weighing on them, the market is in a state of uncertainty.

Today, prices steadied after a 3% gain, fueled by U.S. President Donald Trump’s threats of extra tariffs on Russian oil and actions against Iran. However, fears of a trade war and increased OPEC+ production are putting downward pressure on prices.

The upcoming OPEC+ meeting on April 5th, where production plans will be reviewed, will be a crucial event to watch. Sources suggest that OPEC+ is expected to increase oil production by 135,000 barrels per day in May, continuing the trend from April.

The Week Ahead – Tariffs, Geopolitics, and Inventories Data

Looking ahead, the reception toward President Trump’s tariff proposals and the upcoming inventory data will play a significant role in shaping oil prices for the week. Analysts estimate a decline in U.S. crude inventories, adding to the market sentiment.

Monitoring the Oil Volatility Index (OVX) will provide insights into market sentiment and expected volatility. The OVX has been relatively stable but spiked recently, indicating growing concerns and uncertainties in the market.

Technical Analysis – Brent Crude Oil

From a technical analysis perspective, Brent Oil broke above the 100-day MA, signaling bullish momentum. However, the current geopolitical issues and tariff uncertainties could lead to a pullback in prices. Support levels at 73.84 and 71.26 will be crucial, while resistance levels at 75.74 and 76.46 are key for bullish momentum.

Brent Crude Oil Daily Chart, April 1, 2025

For a visual representation of the analysis, refer to the daily chart of Brent Crude Oil below.

Source: TradingView

Support: 73.84, 71.26

Resistance: 75.74, 76.46

Overall, the analysis highlights the key factors influencing Brent Oil prices, including tariffs, geopolitics, and OPEC+ decisions. Understanding these dynamics can help individuals make informed decisions about their investments and financial future.