On April 1, the price of a barrel of Brent crude, the European benchmark, stood at $74.95. On April 2, US President Donald Trump appeared on the White House lawn to announce the tariffs he was imposing on every nation in the world (although they are now suspended for 90 days, except for China), on what he called "liberation day." That same day, the price of oil began a steep decline, reaching its lowest point on April 8, when it stood at $62.82, a drop of more than 16% in just one week. Since then, the price of oil has hovered around $65 a barrel.