Oil prices experienced a decline due to concerns surrounding potential trade wars and the possibility of peace talks between Ukraine and Russia. These factors have overshadowed the impact of sanctions on Iran and Venezuela. Specifically, proposed tariffs on Canadian and Mexican imports by the US, including a 10% tax on energy from Canada, fuelled fears of economic slowdown. This uncertainty has led to speculators reducing their exposure to crude futures. Furthermore, global bitumen prices are showing mixed trends, with declines in Singapore, stability in South Korea and Bahrain, and rising prices in Iran. Port congestion in Iran further complicates bitumen exports.