Petroleum prices sharply declined amid fears of deepening trade wars. The barrel price of Brent crude fell below $65 for the first time since August 2021, losing 7% since then. Expectations of global trade wars intensifying and restricting petroleum demand strengthened following the announcement by the U.S. administration on April 2nd of at least a 10% tax on goods imported from many trade partners. The recent statement from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, known as OPEC+, ending the voluntary 2.2 million barrels per day production cut as of April 1st and announcing a daily production increase of 411 thousand barrels in May, also supported the downward price movement. At 14:41 in international markets, Brent crude was trading at $64.76 per barrel, down 7% from the closing rate. Simultaneously, West Texas Intermediate (WTI) crude oil was finding buyers at $61.39 per barrel.