Global crude oil prices fell on Thursday, with Brent futures dropping $1.07 (1.5%) to settle at $69.88 per barrel, while U.S. West Texas Intermediate crude declined by $1.13 (1.7%) to $66.55 per barrel. The decline follows an International Energy Agency (IEA) report predicting that global oil supply could exceed demand by 600,000 barrels per day in 2025. The agency also revised its forecast for global oil demand growth downward by 70,000 barrels per day, now estimating an increase of just 1.03 million bpd. Market concerns were further exacerbated by worsening macroeconomic conditions and rising trade tensions. On Thursday, former U.S. President Donald Trump threatened a 200% tariff on wine, cognac, and other alcohol imports from Europe, fueling fears of heightened trade barriers. The escalating trade war comes amid ongoing uncertainty surrounding a proposed Russia-Ukraine ceasefire, involving U.S., Russian, and Ukrainian authorities.