Oil prices saw a $2 decline following an announcement by U.S. President Trump on reciprocal tariffs among trade partners. The news raised concerns about the impact of a global trade war on crude demand. Brent futures dropped by $1.97 to $72.98 a barrel, and U.S. West Texas Intermediate crude futures also fell by $1.98 to $69.73. The announcement made on April 2nd by Trump implied new duties that could disrupt the global trade system. Trump's 10% baseline tariff on all U.S. imports and increased tariffs on major trading partners contributed to the negative turn in oil prices. The White House confirmed that oil imports are exempt from these new tariffs. Analysts like Bjarne Schieldrop of SEB foresee negative effects on trade, economic growth, and oil demand as a result of these policies, although the full extent remains uncertain. The possibility of inflation, slower economic growth, and trade conflicts due to Trump's tariffs has added pressure on oil prices. Additionally, data from the Energy Information Administration showed a surprising increase of 6.2 million barrels in U.S. crude inventories, contrary to the forecasted decline of 2.1 million barrels.