Oil prices retreated on Tuesday, having climbed almost 2% in the previous session, as investors assessed the latest developments on U.S. tariffs and a higher than expected increase to OPEC+ output for August.

Oil prices eased on Tuesday following a nearly 2% surge the previous day, as markets digested escalating U.S. tariff tensions and a surprise increase in August output by OPEC+. Brent crude futures slipped 21 cents

OPEC+ is accelerating its oil production increases, aiming to fully unwind its 2023 supply cuts by September, risking an oversupplied market and pressuring U.S. shale producers.