Trade War Turmoil: Commodities and Markets in Crisis

Oil prices plunged to a four-year low amid escalating trade tensions between the U.S. and China, marking the steepest five-day decline in three years. Base metals and global stock markets are also slumping as the U.S. imposes hefty tariffs on Chinese goods, raising fears of a global economic recession.

In a dramatic series of events, oil prices have plummeted to their lowest levels in over four years. This comes as escalating trade tensions between the United States and China threaten to upend global markets.

U.S. President Donald Trump's forthcoming 104% tariffs on Chinese goods have intensified fears of a global recession, sending ripples across financial markets. As a result, commodities including base metals are experiencing unprecedented declines.

China's aggressive retaliation has further decreased the likelihood of a swift resolution to the trade war, stymying economic growth prospects for the world's two largest economies.

(With inputs from agencies.)