Oil prices fell to a four-year low Wednesday while several commodities, including coffee, tumbled as the trade war between China and the U.S. intensified.

Asian and European shares also fell on Wednesday as the rollout of steep U.S. retaliatory tariffs, including a 104% duty on some Chinese goods deepened fears over a global recession.

"Crude oil extended losses amid signs of escalation in the trade war," ANZ said in a note. "Copper has lost nearly 10% since Trump announced his reciprocal tariffs on major trading partners."

The United States said on Tuesday that the higher tariffs on imports from China would take effect shortly after midnight, even as the Trump administration moved to quickly start talks with other trading partners targeted by sweeping duties.

Oil prices dropped to their lowest in more than four years.

"Fears of weaker global oil demand, combined with the OPEC+ decision to loosen output more quickly than expected, have created a toxic cocktail fueling concerns of an oversupplied oil market," said SEB analyst Ole R. Hvalbye.

Brent crude was down 2.5% at $60.31 a barrel, while West Texas Intermediate Futures were at $57.02. by 1045 GMT.

Oil has lost about one-fifth of its value since Trump announced higher tariffs on its trading partners on April 2, the biggest five-day drop since March 2022.

Analysts at Morgan Stanley lowered their quarterly price forecasts for Brent crude by $5 a barrel to $65 for Q2, $62.50 for Q3 and $62.50 for Q4 2025.

World coffee and cocoa prices hit fresh multi-month lows.

"In our view, the bull market (in coffee) is likely over unless a fresh fundamental catalyst — such as a frost — emerges. The breathless headlines about tariffs will likely continue," said broker and consultant Michael J Nugent.

Both robusta and arabica coffee futures traded on the ICE exchange hit their lowest in more than four months, while London and New York cocoa hit five-month lows. In other soft commodities traded, raw and white sugar, and, hit one-month lows.

Copper extended its decline on Wednesday, with Chinese prices touching an eight-month low, after still higher U.S. tariffs were imposed on top metals consumer China.

Benchmark three-month copper on the London Metal Exchange (LME) was down 0.1% to $8,650.50 per metric ton by 0940 GMT.

LME copper has tumbled by 20% since touching its highest in more than nine months on March 26 at $10,164.50.

In the European gas markets the benchmark Dutch front-month contract was down 2.3% at 34.80 euros per megawatt hour (MWh) or $11,26/mmBtu by, LSEG data showed.

However, some markets bucked the wider trend. Gold prices climbed 2% as traders sought a safe haven amid the market turmoil.

Chicago soybeans rose for a third session, rebounding from four-month lows hit earlier in the week, aided by rising prices in Brazil and a softer dollar.