U.S. crude oil prices have fallen as President Donald Trump's tariffs raise recession fears and OPEC+ pumps more oil.

Chevron also reported its lowest first-quarter profits in years, with per-share adjusted profit falling to $2.18 per share on revenue of $47.61 billion. Similar to Exxon, Chevron does not adjust its reported results based on one-time events such as asset sales. Analysts predicted earnings of $2.15 per share on revenue of $48.66 billion.

Chevron and Exxon reported a drop in quarterly profits on Friday on the back of falling oil prices and weak refining margins, as the oil industry braces for its toughest year since the pandemic. Chevron said net income fell by just over a third to $3.