Concerns that trade wars would intensify led to a sharp drop in oil prices. For the first time since August 2021, Brent crude oil fell below $65 per barrel. The barrel price of Brent crude fell by 7% to below $65 per barrel for the first time since August 2021. The expectation that global trade wars would deepen and restrict oil demand was influenced by the announcement of the U.S. administration on April 2nd, indicating a minimum 10% tax on goods imported from many trade partners. The recent statement by the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, known as OPEC+, to end the voluntary 2.2 million barrel per day production cut as of April 1st and announce a daily 411,000 barrel production increase in May also supported the downward movement in prices. As of 14:41 in international markets, the barrel price of Brent crude oil is trading at $64.76 with a 7% decrease from the closing. At the same time, a barrel of West Texas Intermediate (WTI) crude oil is finding buyers at $61.39.