Oil prices fell to multiyear lows on Wednesday as Trump's tariffs against Canada, Mexico and China raised fears among investors that economic growth will slow and crude demand will falter. OPEC+ also confirmed this week that it will gradually bring 2.2 million barrels per day back to the market starting in April.
The oil market right now sees a drop in Iranian supply as the only bullish catalyst for prices, JPMorgan analysts led by Natasha Kaneva told clients in a Thursday note.
Trump, after launching his maximum pressure campaign, has said he wants to negotiate a nuclear deal with Iran. The president said he hoped maximum pressure is "not going to have to be used in any great measure at all."