In fear that trade wars could intensify, petrol prices sharply dropped. For the first time since August 2021, Brent crude oil fell below $65 per barrel, losing 7% since August 2021. The expectations of global trade wars deepening and limiting petrol demand surged following the U.S. administration’s announcement on April 2nd of imposing at least a 10% tax on imported goods from several trade partners. The decline was also influenced by the statement made by the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, known as the OPEC+ group, indicating that they would end the daily voluntary production cut of 2.2 million barrels as of April 1st and announce a production increase of 411 thousand barrels per day in May. As of 14:41 in international markets, Brent crude oil was traded at $64.76 per barrel, marking a 7% decrease from the closing price. At the same time, West Texas Intermediate (WTI) crude oil was being sold at $61.39 per barrel.