Crude oil prices are headed for their worst monthly drop since 2021 as fears over a global economic downturn and demand shock as a result of tariffs come as the supply of oil is about to surge.

Brent crude oil prices fell more than $1 a barrel on Monday morning as economic worries from the U.S.-China trade war were pressuring demand.

The report states that prices of Brent crude oil are expected to average just $64 a barrel in 2025—a decline of $17 from 2024—and just $60 in 2026. According to the report, food prices are also expected to recede, falling by seven percent in 2025 and an additional one percent in 2026.