Global Commodity Markets Plummet Amid Trade War Escalations

Oil prices hit a four-year low as the U.S.-China trade war intensifies, spreading fears of a global recession. Many commodities, including coffee and copper, saw significant declines, while gold rose as a safe haven amid market turmoil. Analysts cut Brent crude forecasts amid oversupply concerns.

On Wednesday, global markets experienced a significant downturn, with oil prices plummeting to a four-year low as the trade war between China and the U.S. escalated. This market turmoil has deepened recession fears, impacting numerous commodities.

Oil, along with copper and coffee, saw drastic price drops, while steep U.S. tariffs created concerns about market stability. Crude oil prices fell amid fears of excessive supply and reduced global demand, exacerbated by the OPEC+ decision to increase output.

Elsewhere, gold prices rose as investors sought safety from volatile markets, and soybeans showed a modest recovery. The instability highlights the far-reaching impact of the ongoing trade conflict, prompting analysts to adjust forecasts and investors to tread cautiously.

(With inputs from agencies.)