Oil prices up 3%; gold soars 4%, biggest 1-day jump in 5 years

Oil prices climbed on Wednesday, bouncing back from four-year lows earlier in the session, after US President Donald Trump announced he would further increase tariffs on China but pause the tariff increases he announced last week for most other countries. Brent futures were up $1.8, or 3%, to $64.6 a barre - the contracts lost about 7% earlier in the session before the reversal.

Meanwhile, gold extended gains for the biggest intraday jump in five years as global markets gyrated and bonds sold off after Trump's announcement and China and Europe hit back with levies of their own. Spot gold rose as much as 3.8% to as high as $3,095 an ounce on Wednesday, the biggest intraday increase since March 2020. "Gold is currently the ultimate safe haven," said an analyst.Agencies