Oil slumps over 7pc on Trump tariffs

HOUSTON, Apr 3 (Reuters): Stock markets and the dollar tumbled Thursday after President Donald Trump's latest tariffs salvo against countries worldwide, fanning a trade war that many fear will spark recession and ramp up inflation.

Oil prices fell on Thursday as the decision by the OPEC+ group to speed up its unwinding of oil output cuts in May compounded already heavy losses following Trump's announcement of sweeping new tariffs.

Brent futures were down $5.33, or 7.11%, at $69.62 a barrel by 1504 GMT. U.S. West Texas Intermediate crude futures were down $5.59, or 7.80%, at $66.12.

Gold, a safe haven asset in times of uncertainty, hit a new peak of $3,167.84 an ounce.

Yields on government bonds, another haven investment, fell as investors fled risky assets.

"Obviously, there's a lot of fear and moaning this morning," said Phil Flynn, senior analyst with Price Futures Group. "A lot of people didn't think Trump would go through with it and he did."