Rising U.S. protectionism continued to steer commodities in April. Higher U.S. tariffs across the globe, and especially towards China, weighed on the economic and industrial growth outlook. Consequently, energy prices fell sharply, with brent falling to its lowest level since April 2021—prior to the start of the global energy crisis. Heightened protectionism also dented prices for the vast majority of metals, as industrial demand is a key price driver. Gold was a notable exception, hitting a fresh record-high due to rising safe-haven demand. Lastly, agricultural prices were less affected by recent tariff turmoil, though they declined on the heels of healthier supply outlooks for sugar and wheat, and softer export restrictions for rice in India.
Commodities prices decreased 4.9% month on month in April, following March’s 2.5% fall.
This chart displays Brent Crude Oil (US$/bbl) from 2023 to 2025.