A combination of macroeconomic uncertainty, geopolitical shifts and volatile oil prices had an impact on M&A activity in the oil & gas industry through 2025. Notably, new or increased tariffs on U.S. imports of steel and aluminum raised operational and capital costs for many companies operating in the sector. Meanwhile, trade agreements between the United States and its foreign counterparts (including those agreements with energy purchase commitments) helped to shape the new competitive landscape in the industry.