With Brent seeing its biggest sell-off since August 2022, oil prices are under a lot of pressure as global indexes rout amid trade war fears. Brent traded at $63.24 at the time of writing. Crude oil slumped 4% close to $59.60.

Fears about demand have been heightened by the U.S.'s worse-than-expected reciprocal tariffs. But by declaring a higher-than-anticipated production rise for May, OPEC+ has further heightened these worries.

"Firstly, US President Trump is taking a more hawkish view towards Iran and Venezuela with stricter sanctions. OPEC+ might feel that this provides it with the opportunity to increase supply. OPEC+ might see this as an opportunity to boost supply, especially after Trump announced secondary tariffs for buyers of Venezuelan oil and threatened similar measures for buyers of Iranian and, potentially, Russian oil." ING Research wrote. "Secondly, it is no secret that Trump wants lower oil prices and has pressured the Saudis to boost supply. This recent move might indicate that Trump has been more successful than many anticipated in persuading the Saudis to increase supply." they added.

ETFs: (NYSEARCA:XLE), (NYSEARCA:USO), (NYSEARCA:BNO), (UCO), (NYSEARCA:SCO), (NYSEARCA:USL), (NYSEARCA:DBO), (NYSEARCA:DRIP), (NYSEARCA:GUSH), (NASDAQ:USOI), (NYSEARCA:UNG), (NYSEARCA:BOIL), (NYSEARCA:KOLD), (NYSEARCA:UNL), (NYSEARCA:FCG)

Gold prices traded marginally lower, down 0.28% to $3029 per ounce, as markets struggle and investors remain weary. Gold frequently fares better compared to other assets in times of risk aversion. 

Silver traded around $30.35 per ounce, remaining volatile as investors continued to read the impact of tariffs on the global economy. The metal lost as much as 16% in a span of just three sessions as the tariff-induced recession fears prompted traders to unload precious metals to cover losses in other assets.

ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (NYSEARCA:GDXJ), (NYSEARCA:IAU), (NYSEARCA:NUGT), (NYSEARCA:PHYS), (NYSEARCA:GLDM), (BATS:AAAU), (NYSEARCA:SGOL), (NASDAQ:RING), (NYSEARCA:BAR), (NYSEARCA:OUNZ), (NYSEARCA:SLV), (NYSEARCA:PSLV), (NYSEARCA:SIVR), (NYSEARCA:SIL), (NYSEARCA:SILJ)

Copper futures fell below $4.30 per pound in Monday’s early trade, deepening last week’s ~14% drop to its lowest level in nine weeks, amid growing fears of a trade war that could spark a global recession. 

Other commodity ETFs: (NYSEARCA:WEAT), (NYSEARCA:SOYB), (NYSEARCA:CORN), (NYSEARCA:DBA), (NYSEARCA:MOO)