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Global crude oil prices edged lower on Thursday, 3 July 2025, as renewed uncertainty surrounding US trade tariffs and expectations of increased supply from OPEC+ weighed on market sentiment.

Brent settled down 31 cents, or 0.45%, at $68.80 a barrel.

WTI fell 45 cents, or 0.67%, to $67 per barrel in light trading ahead of the US Independence Day holiday.

Investors are increasingly cautious as the 90-day pause on the implementation of higher US tariffs nears its 9 July deadline. Several key trade partners, including the European Union and Japan, have yet to reach agreements with Washington, fuelling concerns that the resumption of tariffs could dampen economic activity and, in turn, curtail global energy demand.

Adding to the downward pressure, the OPEC+ alliance is widely expected to endorse a production increase of 411,000 barrels per day at its upcoming policy meeting this weekend. 

Meanwhile, diplomatic developments in the Middle East also influenced market direction. Reports that the United States is preparing to restart nuclear talks with Iran have reduced fears of an immediate escalation in regional tensions, offering an additional layer of reassurance to oil markets.

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