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2025 was marked by a downward trend in oil prices, starting the year at around $75 dollars per barrel of Brent crude and closing at $61, with a full-year average of $68.

Commodity markets, like other financial markets, have been unusually volatile in the last month, largely due to the trade policy announcements by the new United States administration.

The oil market remains at the center of the global spotlight. This has been the case for some months now due to the outbreak of the war between Israel and Hamas, a confrontation reminiscent of the most difficult moments of the oil market in the 1970s.

In 2023, the price of Brent crude averaged USD 82.5, falling from over USD 100 in 2022, driven by the war between Russia and Ukraine, although its trend over the past year has been somewhat erratic and dominated by a wide array of events.

With inflation on the rise globally and an increase in Brent prices of around 50% year to date, there are many voices in favour of increasing the supply of oil. OPEC+ has a solution, but after the lack of consensus during the recent meetings, discussions have been put off with no date set for the next.

In the midst of the global crisis caused by the COVID-19 pandemic, Saudi Arabia's increased oil production and cutting of prices went unnoticed.

It has become common to see spikes in oil prices. Since October the price of Brent crude has fallen by 30% to around US$59 per barrel, its lowest level since October last year.