Trade War Turmoil: Oil, Commodities, and Market Reactions

Oil prices hit a four-year low amid the escalating trade war between China and the U.S., with tariffs significantly impacting global markets. Commodities like coffee and cocoa faced multi-month lows, and European gas prices dropped. Gold prices, however, rose as investors sought safe havens.

Oil prices plummeted to a four-year low, trading below $60 a barrel, as tensions in the ongoing trade war between the U.S. and China intensified. China retaliated against U.S. tariffs, hiking its own from 34% to 84%, while the European Commission opted for countermeasures against Trump's steel and aluminium tariffs.

Brent futures dipped to $59.81 a barrel, reflecting concerns over global demand and OPEC+ production strategies, while U.S. West Texas Intermediate crude followed suit, recording significant losses. The drop is part of a broader market reaction to the trade war's escalations, which has raised fears of a recession.

Amidst the economic turbulence, commodities like coffee and cocoa reached fresh lows, whereas gold and silver gained, driven by investors seeking stability. Meanwhile, copper and European gas markets showed considerable declines, affected by the geopolitical climate.

(With inputs from agencies.)