International crude oil prices dropped by 2% on April 7 to the lowest point in four years, as markets fear that United States President Donald Trump's latest trade tariffs could push the global economy into a recession, further reducing energy demand.

West Texas Intermediate (WTI) crude for May delivery decreased by US$1.29 (2.1%), reaching US$60.70/barrel on the New York Mercantile Exchange. Brent crude for the May delivery dropped by US$1.37 (2.1%), settling at US$64.21/barrel.

The prices of the two major crude oil futures have fallen to their lowest since April 2021. The prices of both futures dropped by around 11% last week.